New Orleans Saints sign QB Derek Carr to 4 - Year $150 Million Contract

Introduction

On Monday, March 6th, 2023 the ex - Las Vegas Raiders’ quarterback and four - time NFL Pro Bowl selection, Derek Carr, has agreed upon terms to sign a new 4 - year contract with the New Orleans Saints reportedly worth up to approximately $150 million.

Contract Details

Carr and the New Orleans Saints just inked a new 4 - year contract worth around $150,000,000. That new deal includes a $28,500,000 - signing bonus, $100,000,000 - in total guaranteed money. Carr will now be earning an average annual salary of $37,500,000. In 2023, Carr will earn a base salary of $1,500,000 and a signing bonus of $28,500,000, while carrying his contract will be carrying a cap hit of $7,200,000 as well as a dead cap value of $60,000,000. Derek will once again become an unrestricted free agent again in the year of 2027.

Contract Incentives & Other Notes

• $60 Million Guaranteed at the Time of Signing (Signing Bonus + 2023 Salary + 2024 Salary)
• 2025 Roster Bonus: $10 Million (Fully Guarantees March of 2024, Injury Guaranteed at Signing)
• $30 Million 2025 Salary Fully Guarantees in March of 2025
• Full No - Trade Clause
• 2027 Void Year ($5.7 Million Dead Cap)

The New Orleans Saints succeeded in finishing 7 - 10 over the course of the past NFL season, and they were only one of the 3 - teams that includes the New York Jets as well as the Carolina Panthers to have made a move on the quarterback in Carr over the past several weeks.

The now 31 - year - old Carr, visited the New Orleans Saints recently, and Derek met with various members of the New Orleans Saints organization throughout the 2 - days that he spent there in early February of 2023. Carr also met with their franchise once again, but this time he saddled up with the organization during the past week at the NFL scouting combine which was happening in Indianapolis, Indiana.

The New Orleans Saints entered the 2023 NFL offseason with more than $50 million over the new expected 2023 salary cap of $224.8 million, but they currently need approximately $18 million in order to become obedient following the restructuring of certain contracts for various players on their team roster.

Michael Thomas

The next upcoming point of contention following Carr is what they will do at the wide receiver position with Michael Thomas. Thomas has restructured his deal earlier on during the past NFL offseason in order to give both sides of the ball more tractability as well as flexibility in front of the current NFL free agency open market place. Michael is under contract with the New Orleans Saints at the present time.

Last NFL Contract with the Las Vegas Raiders

Carr decided to decline the no - trade clause built into his previous contract with the Las Vegas Raiders, and in turn he was released by the Las Vegas Raiders on Tuesday, February 14th, 2023. That happened right before a specific deadline that would have eventually guaranteed him $40 million on his last contract over the course of the next 2 - upcoming years. The ultimate release of Carr enabled him to instantaneously sign with any other NFL franchise as opposed to waiting until the official start of the NFL free agency period.

Previous NFL Season with the Las Vegas Raiders

Last year with the Las Vegas Raiders Carr completed the season with 3,522 - passing yards (the 3rd - lowest mark over the course of his 9 - year NFL career), 24 - touchdown passes, 14 - interceptions (tied for his most in a single NFL season), a 60.8 % completion percentage (a career - low for Carr), and an 86.3 passer rating (also a career low for Derek).

Carr's history with the New Orleans Saints head coach, Dennis Allen, dates back to the year of 2014, when Allen was just in his 3rd - season as a coach of the at the time - Oakland Raiders. Allen was somewhat involved in the decision to select Carr during the 2nd - round of the 2014 NFL draft, and he ultimately made the decision to start Carr immediately as a rookie NFL quarterback.

Allen was eventually fired by the Oakland Raiders only 4 - games into the 2014 NFL regular season, but Carr continued to play quarterback for the Oakland / Las Vegas Raiders for 9 - seasons, going 63 and 79 while completing 64.6 % of his pass attempts, and throwing for 35,222 - passing yards, and 217 - touchdowns with a total of 99 interceptions.

Media Statements

"I had the opportunity to work with Derek at the start of his professional football career," the New Orleans Saints head coach, Dennis Allen, expressed. "In addition to his talent, I admired his approach to the game, work ethic and commitment to get better every day in what were the formative stages of his career. From afar and when we played him as an opponent, I saw Derek's development into one of the most productive quarterbacks in the National Football League. Derek is an outstanding addition to the New Orleans Saints and I can't wait to get working with him and the rest of our team this offseason."

Time with the Oakland/Las Vegas Raiders

Derek somehow made it to the NFL Pro Bowl 4 - times throughout his time in Oakland and Las Vegas with the Raiders, and he helped the Raiders make it to the NFL playoffs in both 2016 as well as 2021. Carr stepped away from the team for the final 2 games of the 2022 - 2023 NFL season following him getting benched in what was explained as a, "mutual decision,” by the Las Vegas Raiders organization.

The New Orleans Saints

The New Orleans Saints made proper sense as a sensible landing spot for Derek Carr after the New Orleans Saints went into the 2023 NFL offseason with quite an ambiguous future at the quarterback position. The quarterback, Andy Dalton, who managed to start 14 - games for the New Orleans Saints during the 2022 - 2023 NFL season will soon become an NFL free agent once again.

The New Orleans Saints still have their unreliable quarterback in Jameis Winston who is currently under contract for only 1 - more NFL season, but the recent signing of Carr could eventually result in the release of Jameis. Winston is set to earn a base salary of $12.8 million for the 2023 - 2023 NFL season.

Jameis only started 10 - games throughout the last 2 - NFL seasons following him winning the starting quarterback job from Taysom Hill back in 2021. Releasing Winston would help out the New Orleans Saints by saving them a total of $4.4 million against the NFL’s salary cap this year, but the New Orleans Saints would have to take on $11.2 million in dead money. By intitling Winston’s release as a post - June 1st, 2023 transaction, the New Orleans Saints would save a big old sum of $12.8 million which could definitely be used elsewhere on their team’s NFL roster.

Winston unfortunately suffered a torn ACL just 7 - games into the 2021 - 2022 NFL season, and he spent the remainder of that season on the NFL’s injured reserve (IR) list. Jameis eventually inked a new contract in 2022 following the New Orleans Saints failing to sign Deshaun Watson, who ultimately went on to agree to a huge deal with the Cleveland Browns.

Jameis fractured his back as well as enduring a foot injury at the beginning of the previous NFL season, and he was considered as inactive in week - 4 and week - 5. Winston never got back his NFL starting quarterback job last year, and now that the New Orleans Saints struck up a new deal with Derek Carr it does not look like Winston will have a starting QB role in the NFL unless another desperate franchise picks him up or someone gets hurt and he is in the back - up quarterback spot.

The addition of Carr should definitely improve the New Orleans Saints offense which dropped in to the bottom half of the National Football League in points scored as well as total yards ever since the announcement of the retirement of their former quarterback, Drew Brees, occurred prior to the 2021 - 2022 NFL season.

Carr’s Football Career Achievements, Honors, & Awards

• 4 - Time NFL Pro Bowl Selection (2015, 2016, 2017, 2022)
• 2 - Time MWC Offensive Player of the Year Award Winner (2012, 2013)
• 2 - Time First - Team All - MWC Selection (2012, 2013)
• Sammy Baugh Trophy Award Winner (2013)
• The Fresno State University Bulldogs Retired his Number - 4

Sources:

“Ex - Raiders QB Derek Carr agrees to deal with Saints”, Katherine Terrell, espn.com, March 6, 2023.

“Derek Carr”, pro-football-reference.com, March 8, 2023.

“Derek Carr”, spotrac.com, March 8, 2023.