The Saints officially placed Derek Carr on the reserve/retired list, per NFL Network’s Mike Garafolo.
The move formalizes Carr’s retirement, which was originally announced on May 10. The Saints were waiting until after June 1 to process the transaction so they could spread the $50.132MM in dead money across two years.
$19.207MM of that will hit the books in 2025, according to Mike Triplett of NewOrleans.Football, cancelling out most of the initial savings from Carr’s departure. The Saints should see a net increase in 2026 cap space despite the remaining $30.925MM in dead money.
Dumping Carr’s contract is a major step forward for the Saints, whose heavy use of void years has severely limited their financial flexibility. They are currently projected to be over the 2026 salary cap, per OverTheCap; Carr’s retirement will ease that burden, though additional moves will be required to become cap-compliant.
Moving on from Carr also makes the Saints’ QB room one of the least expensive in the league. Jake Haener and Spencer Rattler both have multiple years remaining on their rookie deal, and second-round pick Tyler Shough will be on a cost-controlled contract through 2028 once he puts pen to paper. New Orleans also signed undrafted rookie Hunter Dekkers to a three-year, $2.965MM deal with no guaranteed money.
Today’s move will also officially open up a spot on the Saints’ 90-man roster, allowing them to add more depth as the team progresses through OTAs.