NFL Rumors: Derek Carr Could Stay with Saints for 2 Years on Restructured Contract

Restructuring quarterback Derek Carr's contract is reportedly viewed as a move the New Orleans Saints are likely to make this offseason.

According to NOLA.com's Luke Johnson, the Saints need to clear significant salary cap space, and based on conversations he has had at the Senior Bowl, he expects them to take a big step toward getting under the cap by restructuring Carr and lowering his $35.7 million cap hit.

Johnson noted that restructuring Carr's contract would essentially tie him to the team for the next two seasons, whereas they would be able to cut him after the 2024 campaign with little cap penalty if they were to leave his contract untouched.

However, OverTheCap.com lists the Saints as being over $83 million over the salary cap, which is by far the most in the league. Restructuring Carr would allow the Saints to make up a significant chunk of that deficit, as converting all but the minimum veteran amount of his salary into a signing bonus would save the Saints $21 million in 2024, per Johnson.

The Las Vegas Raiders released Carr last offseason after he spent nine seasons as their starting quarterback, earning four Pro Bowl selections.

Searching for answers at the quarterback position following the retirement of Drew Brees after the 2020 season, New Orleans took a chance on Carr by signing him to a four-year, $150 million contract.

Carr's first season in New Orleans yielded mixed results, as he went 9-8 and completed 68.4 percent of his passes for 3,878 yards, 25 touchdowns and eight interceptions.

The Saints were widely viewed as the favorites to win the NFC South entering the season, but they fell just short of their goal, as the 9-8 Tampa Bay Buccaneers won the division on a tiebreaker.

Although it wasn't always pretty for Carr and the offense in 2023, he ended the campaign on a high note, throwing 12 touchdown passes and just one interception over his final four games.

Carr has yet to win a playoff game in his career and it remains unclear if he is capable of taking a team the distance, but there aren't likely to be any better options available to the Saints.

They aren't picking high enough in the draft to select a franchise quarterback, and there aren't any obvious upgrades to speak of in free agency or via trade.

Because of that, committing to the 32-year-old Carr for the next two seasons is an understandable move, especially given the financial flexibility it figures to give the Saints in 2024.