The New Orleans Saints are in a tight spot with quarterback Derek Carr, whose performance has left fans questioning the franchise’s decision to retain him. At the heart of the matter is Carr’s weighty contract, which promises him a full-guaranteed salary of $30 million for 2024. Further complicating the financial landscape, an additional $10 million is set to become fully guaranteed in 2025 if Carr remains with the team into March 2024.
This ties the Saints’ hands, as trading Carr post-season would still saddle them with a substantial $22.8 million cap charge for 2024. Any attempt to release him before June 1 could burden the Saints with an even heftier $52.8 million, although this could be offset by his $30 million salary. A post-June 1 release designation would split the dead cap charge over two years, with $17.1 million carried into 2025. Notably, should he remain in 2024, Carr’s cap hit will stand at $35.7 million.
Yet, trading Carr presents its own set of challenges. His contract includes a no-trade clause, granting him the power to veto potential trade partners. This stipulation complicates matters, as even if the Saints found an interested party, Carr could easily decline if the destination isn’t to his liking. Why would any team finalize such a trade if the quarterback isn’t invested?
The Saints, therefore, face a challenging decision after the 2023 season. Releasing Carr prematurely could severely disrupt their financial plans for both 2024 and 2025. It’s a stark contrast to the situation the Raiders found themselves in back in 2022. Despite inking a widely-publicized three-year, $121.5 million extension with Carr, the Raiders had an exit strategy after just one year, which they promptly exercised.
