Raiders' Updated Cap Space for 2023 NFL Free Agency After Derek Carr's Release

The Las Vegas Raiders have officially released quarterback Derek Carr, per Ian Rapoport of NFL Network, ending his nine-year tenure with the team.

The Raiders created $29.25 million of 2023 salary cap space by releasing Carr, per ESPN's Dan Graziano. They will carry $5.625 million in dead money.

Las Vegas now has the third-most cap space in football at $48,389,838, per Over the Cap. The Raiders sit fourth in effective cap space at $39,444,118.

Per Over the Cap, effective cap space is defined as "the cap space a team will have after signing at least 51 players and its projected rookie class to its roster."

A total of $40.4 million on Carr's contract was set to be guaranteed if the Raiders did not release him by Feb. 15.

Carr's time with the Raiders is over now, however. Las Vegas created a ton of cap room with the move, but the team also needs to find a new signal-caller for 2023 and beyond.

If the Raiders opt for a rookie quarterback in the draft, they can use that cap space to build around him and maximize a Super Bowl window. Las Vegas owns the No. 7 overall pick in the 2023 NFL draft.

There is a quartet of Round 1 QB prospects in this year's draft in Alabama's Bryce Young, Ohio State's C.J. Stroud, Kentucky's Will Levis and Florida's Anthony Richardson.

The Raiders would likely have to trade up to pick their top choice, but the team could also opt to save its draft capital and pick the best player available at No. 7 as well.

Las Vegas could also search for a veteran at quarterback like the Green Bay Packers' Aaron Rodgers or impending free agent Jimmy Garoppolo, but neither would come cheap. Rodgers has two years left on a three-year, $150,815,000 contract.

Garoppolo just finished off a five-year, $137.5 million contract, and he's expected to have a "strong free agent market," per Ian Rapoport of NFL Network.

Ultimately, the Raiders have cap flexibility and draft capital to either go the rookie or veteran route following the Carr release.