New Orleans Saints restructure quarterback Derek Carr's contract to recover cap space

The New Orleans Saints have agreed to a contract restructure with quarterback Derek Carr this week to free up significant cap space. The Saints, the NFL team most in the red for 2024 cap space, will clear around $23 million from Carr’s restructuring, according to ESPN insider Jeremy Fowler.

Carr originally signed a four-year deal with the Saints for $150 million following his release from the Raiders. He was owed a base salary of $30 million for 2024 but by converting a large portion to a signing bonus, he’s helping his team out.

In 2022, Carr passed for 3,544 yards and 24 touchdowns with 14 interceptions. This year, his first with the Saints, he posted 3,878 passing yards, 25 touchdown passes, and eight interceptions. New Orleans finished the regular season with a 9-8 record.

The addition of Carr as the team’s starting quarterback was huge for the Saints, even if they didn’t make the playoffs in his first year under center. One of Carr’s top targets for this season, Chris Olave, had glowing words for his QB.

“He’s a guy you look forward to playing with,” Olave said. “He just uplifts everybody. He brings everybody’s confidence up. And having him behind center is huge.”

Saints working to reduce huge cap space deficit

Prior to the contract restructuring for the star quarterback, the Saints were running roughly $80 million in deficits in effect cap space. The front office managed to clear another $7.18 million by restructuring the contract of center Erik McCoy. They converted his salary and roster bonus into a signing bonus this week, according to Tom Pelissero.

There are currently 12 teams in the red in cap space for 2024. They’ll be working on deals with their existing players and cutting some in order to make room for new additions over the next few months. Those 12 teams are the Saints, Bills, Dolphins, Chargers, Broncos, Cowboys, Browns, 49ers, Steelers, Packers, Seahawks and Jets, according to Over the Cap.

More on the 2024 NFL offseason, free agency

The NFL 2024 calendar year begins at 4 p.m. ET on March 13. At that time, contracts running through 2023 officially run out, making those players free agents. Prior to the beginning of free agency, teams will have a chance to designate one franchise or transition tag player, starting on Feb. 20 at 4 p.m. ET and ending on March 5. Beginning March 11 through March 13 teams can enter into a legal negotiation with players who are will become unrestricted free agents.

In addition to NFL free agency, the new year also marks the beginning of all trades being made official by the league office. April 19 marks the deadline to sign restricted free agents to offer sheets. On April 24, the deadline for teams to match restricted free agent offers sheets hits. Following the restricted free agent deadline follows the 2024 NFL Draft, which runs from April 25-27.