After many reported discussions concerning how the Saints and quarterback Derek Carr would handle his compensation in 2025, Mike Garafolo of NFL Network reports that the team is expected to convert most of the $40MM due to him into a signing bonus for salary cap purposes. Per Garafolo, this transaction indicates that New Orleans has every intention of riding with Carr as their starter next season. 
Carr was due a $30MM base salary which was set to become fully guaranteed next week. The longtime Raiders starter was also set to collect a $10MM roster bonus; both compensation packages have been converted into a signing bonus. Carr was scheduled to carry a 2025 cap charge of nearly $51.5MM, but today’s move will lower it to $20.4MM (h/t ESPN’s Katherine Terrell).
New Orleans – as per usual – used restructures as a means of achieving cap compliance last offseason. That included reworking Carr’s contract, but the inflated cap figure and his missed time in 2024 led to questions about his future in the organization. That remained the case after the four-time Pro Bowler made it clear he would not entertain the idea of a pay cut as part of the Saints’ financial moves this spring. Last week, however, general manager Mickey Loomis said the team planned to keep Carr in the fold for at least one more year.
As a result, today’s news comes as little surprise. Carr will remain in New Orleans for his 12th career season and third with his current team. The soon-to-be 34-year-old played a full campaign in 2023, and the Saints’ 9-8 record suggested playoff contention would be feasible with him at the helm moving forward. Things did not go according to plan this past season, though, as Carr was limited to just seven games. New Orleans dealt with a number of other injuries on offense, and the team will hope a fresh start on that front along with new head coach Kellen Moore in place will spark improvement in 2025.
Once the season – one in which Dennis Allen was dismissed – had ended, Loomis said the Saints’ next head coach would have a role in shaping how they proceeded at the quarterback position. Despite being a rookie HC, Moore thus faced a key decision upon arrival. His input has resulted in a short-term confirmation that Carr will stay in place. He is on the books for 2026 with a non-guaranteed $50MM salary. The Fresno State product was already due to carry a cap charge of roughly $61.5MM before the restructure; that number will spike with future cap hits being moved into the future.
2023 fourth-round selection Jake Haener and 2024 third-rounder Spencer Rattler remain in place as backup options should Carr miss time next season. With the QB depth chart intact for at least one more year, Moore and the Saints will aim to bounce back from a disappointing run last campaign. As the start of the new league year approaches, the team still needs to free up approximately $10MM in additional funds to achieve cap compliance.
Adam La Rose contributed to this post.