Saints begin annual cap-clearing with QB Derek Carr restructure

Field Level Media|published: 02/23/2024, 10:58am EST

Jan 7, 2024; New Orleans, Louisiana, USA; New Orleans Saints quarterback Derek Carr (4) reacts to a touchdown against the Atlanta Falcons during the first half at Caesars Superdome. credits: Stephen Lew-USA TODAY Sports

New Orleans Saints quarterback Derek Carr agreed to restructure his contract to convert more than $28 million of his scheduled $30 million salary to a bonus, creating sorely needed salary cap relief.

The details of the accounting were confirmed by Spotrac, which projected the Saints to be over the $246 million adjusted salary cap by more than $74 million before the conversion.

The annual salary-gap gymnastics are a matter of course in New Orleans, where it has become typical to reach the required maximum expenditure threshold with extensions and conversions before the NFL league year begins every March.

Carr, 32, signed a four-year, $150 million contract in March 2023 after he was released by the Las Vegas Raiders. His scheduled cap hit for 2024 before the restructure becomes official was $36 million and included a portion of his deferred signing bonus.

—Field Level Media