On Friday, the New Orleans Saints undertook a significant contract restructuring with their starting quarterback, Derek Carr, aimed at alleviating the salary cap challenges that have plagued them in recent years. Despite finishing in a 9-8 tie for first place in the NFC South last season, the Saints were left out of the playoffs, emphasizing the need for roster upgrades to secure a postseason berth in the upcoming year.
Heading into the offseason, the organization was already substantially over the current salary cap. ESPN NFL insider Jeremy Fowler reported that the Saints’ initial move to address this issue involves restructuring Derek Carr’s contract, a maneuver expected to generate approximately $23 million in cap relief. This restructuring entails converting a portion of Carr’s $30 million base salary into a signing bonus, providing immediate financial flexibility.
This strategic move not only solidifies Carr’s position as the starting quarterback for the upcoming 2024 season but also establishes a financial commitment that may compel the team to seriously consider him for the role in 2025, even in the event of struggles during the upcoming season.
Before this restructuring on Friday, the New Orleans Saints found themselves an exorbitant $76 million over the salary cap, marking the league’s worst financial situation. However, with this recent move, they now rank second in the NFL, behind the Buffalo Bills, who are $55 million above the cap. The Saints face challenging decisions in the weeks ahead as they aim to trim an additional $53 million from their payroll.
