The New Orleans Saints are restructuring quarterback Derek Carr's contract in a move that is expected to give the team around $23 million in salary cap relief, sources told ESPN's Jeremy Fowler on Friday.
Carr was due $30 million in base salary for the 2024 season, so converting a large portion of that into a signing bonus can help the Saints, who need to free up millions via restructures.
The Saints also restructured two other contracts, reaching a total savings against the cap of about $33 million by adjusting the deals of starting defensive tackle Nathan Shepherd, a source told ESPN's Field Yates, and center Erik McCoy.
Carr, 32, played his first season in New Orleans in 2023, throwing for 3,878 yards with 25 touchdowns and eight interceptions. But the 9-8 Saints lost the NFC South tiebreaker to the Tampa Bay Buccaneers, extending their playoff drought to three seasons.
He remains under contract through the 2026 season on the four-year deal he signed with the Saints in March 2023 that could be worth as much as $150 million.