According to NFL Network's Ian Rapoport, the five-year deal is worth $125 million.
Carr commented on the extension via Twitter:
Derek Carr @derekcarrqb
Now it's done 😂! From the jump I've wanted to be a Raider 4 life. One step closer to that! Blessed!!! Business done! Let's just play now!!!2017-6-22 14:09:05
As seen in the following tweet courtesy of SportsCenter, Carr tops some big names among the league's highest-paid quarterbacks:
If the Raiders finalize the roughly $25M/year deal, Derek Carr would become the highest-paid QB in NFL history. https://t.co/lC6eH4lFK32017-6-22 01:13:14
Rapoport added that Carr's deal is significant for other quarterbacks who are due for a new contract in the near future:
Ian Rapoport @RapSheet
The $25M per year threshold is one no QB has reached. Now Raiders and Derek Carr have done it. Stafford, Cousins, all QBs should be thrilled2017-6-22 14:45:28
While Carr scored a huge contract, Andrew Brandt of The MMQB was quick to point out that he is far from guaranteed to come away with the entire $125 million:
Andrew Brandt @AndrewBrandt
Constant reminder on NFL deals; this is not the NBA or MLB, where $125M = $125M. In NFL, $125M = $45-50M and "we'll see." #DerekCarr2017-6-22 14:37:50
Even so, Carr's older brother and former Houston Texans quarterback, David Carr, is hoping to get a meal out of the deal:
David Carr @DCarr8
5yrs 125million .... @derekcarrqb You got lunch.2017-6-22 14:31:14
Among those who congratulated Carr for his newfound fortune was Raiders offensive coordinator Todd Downing:
In addition to some of the more serious reactions to the news, there was no shortage of lightheartedness regarding the groundbreaking agreement.
As pointed out by @360FFB on Twitter, Carr likely has a firm grasp of Randy Moss' "straight cash homie" catchphrase now that he's the highest-paid player ever:
Derek Carr is now the highest paid player in NFL history. https://t.co/VYd5CZJ8AK2017-6-22 14:44:14
Carr is the key among NFL quarterbacks in terms of average annual salary, which prompted The Poster Maker to tweet a Game of Thrones-inspired graphic:
The Poster Maker @RaiderArchitect
My $125M dolla QB #RaiderNation @derekcarrqb @RAIDERS https://t.co/bCa9CMZDuT2017-6-22 14:24:53
Not Robert Griffin on Twitter compared Carr's beefed-up bank account to a vengeful Clark Griswold looking to do damage at the blackjack table in Vegas Vacation:
Not Robert Griffin @Pseudo_RGIII
Let's check in with Derek Carr https://t.co/7UqhOtdml52017-6-22 14:10:06
Also, Adam Bogdan of PatriotsInform provided his vision of what Carr might do with his millions:
Adam Bogdan @PatriotsInform
Derek Carr right now. #Raiders https://t.co/KUSvu3LPhD2017-6-22 14:16:13
Raiders owner Mark Davis is the one who signed off on the deal, and Denlesks offered a satirical look at the negotiations:
Raiders owner Mark Davis negotiating with Derek Carr https://t.co/HSVeNWFGIr2017-6-22 14:55:37
Stafford when he saw Derek Carr's new contract https://t.co/FSQvQEatqd2017-6-22 14:38:15
Carr has come a long way since being a second-round pick in the 2014 NFL draft out of Fresno State, and he is now one of the NFL's most promising quarterbacks.
The 26-year-old signal-caller is set to enter his fourth NFL season and is already a two-time Pro Bowler.
He led Oakland to the playoffs last season for the first time since 2002 and put up impressive numbers in the process with 3,937 yards, 28 touchdowns and six interceptions.
While the Raiders are paying for potential to some degree, Carr's upward trajectory suggests he is poised to enter the ranks of the elite in the near future.