The New Orleans Saints are taking decisive steps to navigate the complexities of the salary cap ahead of the upcoming NFL league year, according to reports.
ESPN’s Jeremy Fowler revealed on Friday that the Saints are poised to undertake a significant restructuring of quarterback Derek Carr’s contract, a move aimed at generating approximately $23 million in cap savings.
The Saints currently find themselves in a particularly challenging financial position, leading the league with a staggering -$76.5 million deficit in cap space prior to the anticipated Carr restructure, as detailed by OverTheCap.com.
Last offseason, New Orleans inked Carr to a lucrative four-year deal worth $150 million following his release from the Las Vegas Raiders. Under the terms of his contract, Carr is slated to earn a base salary of $30 million in the upcoming 2024 season.
Fowler explained that the proposed contract adjustment involves converting a portion of Carr’s $30 million salary into a bonus, thus providing relief against the cap.
This strategic move not only secures Carr’s position as the starting quarterback for the Saints in 2024 but also indicates a likely extension of his tenure into 2025, barring unforeseen circumstances. Failure to retain Carr beyond that point would result in substantial dead cap implications for New Orleans.
Spotrac analysis reveals that Carr is due a $10 million bonus within three weeks, a payment that would significantly inflate his dead cap hit to $50.13 million for the 2025 season.
At 32 years old, Carr demonstrated his value to the Saints by starting all 17 games in the 2023 season, achieving a 9-8 record. He showcased his prowess by completing 68.4 percent of his passes for 3,878 yards, 25 touchdowns, and eight interceptions.
Despite Carr’s commendable performance, the Saints narrowly missed out on a playoff berth, with the 9-8 Tampa Bay Buccaneers securing the NFC South title via tiebreaker and clinching a postseason spot.
Having endured quarterback uncertainties since the retirement of Drew Brees, New Orleans views Carr as a stabilizing force. His performance surpassed that of predecessors Jameis Winston and Andy Dalton in the previous two seasons.
With Carr firmly entrenched as their quarterback, the Saints’ focus now shifts to additional restructuring and potential roster adjustments to achieve cap compliance and potentially create flexibility for offseason maneuvers in free agency.
