The New Orleans Saints have taken a major step toward alleviating their tight salary cap situation by restructuring quarterback Derek Carr’s contract. Carr, who was set to count for $51.4 million against the cap in 2025, will now see most of his salary converted into a signing bonus, freeing up $30.9 million in cap space.
This move reduces Carr’s 2025 cap hit to $20.4 million but pushes a substantial financial burden into 2026, where his cap figure is projected to balloon to $69.2 million. General Manager Mickey Loomis emphasized the importance of maintaining Carr as the team’s quarterback while finding creative ways to manage the cap, aligning with comments made at the NFL Scouting Combine earlier this year.
The restructuring solidifies Carr’s role with the Saints through at least 2025 and avoids a situation where releasing him would have incurred a crippling $50.1 million in dead money. By converting his $30 million base salary and $10 million roster bonus into a signing bonus, the Saints ensure Carr receives the $40 million he is owed this year while creating immediate cap flexibility.
The move, however, pushes New Orleans closer to future cap challenges as they attempt to remain competitive in the NFC South. The team has already restructured center Erik McCoy’s deal to free up $7.1 million and will likely need additional moves to address contracts for key players like Juwan Johnson and Chase Young ahead of the new league year.
The Saints’ decision underscores the delicate balance between short-term competitiveness and long-term financial health. While the cap gymnastics provide immediate relief, they highlight the team’s ongoing struggle to manage a roster loaded with back loaded contracts.
Loomis and head coach Kellen Moore remain committed to building around Carr, but 2026 looms as a potential reckoning for a franchise that has often prioritized winning now over future stability. To secure lasting success, the Saints must hit on draft picks and avoid costly free agency missteps while navigating their precarious financial situation.
