We’re waiting on all of the details and salary cap hits, but NFL Network’s Ian Rapoport shared some much-needed specifics on the New Orleans Saints’ contract with free agent quarterback Derek Carr. Carr agreed to sign with the Saints in exchange for a four-year deal valued at $150 million, which averages a payout of $37.5 million per year.
More importantly than that, though, are the contract guarantees and structure. Carr will receive $100 million in total guarantees between guaranteed salary, signing bonus, and future roster bonuses (which can be restructured to open up more salary cap resources). Rapoport adds that $70 million is fully guaranteed once Carr puts pen to paper with another $10 million guaranteed in 2025, the third year of this deal.
Additionally, and this is what fans actually need to concern themselves with: both Rapoport and NewOrleans.Football’s Mike Triplett and Nick Underhill report that the first-year salary cap hit will be substantially lower. We’re guessing here, but Carr will probably get a minimum base salary of $1.165 million for 2023 plus a signing bonus of about $30 million. Spread that out over five years with an automatically-voiding year written in for 2027 (keeping this at a four-year deal) and you’ve got a current-year salary cap hit of just $7.165 million for Carr’s services. But we’re speculating on that, so stay tuned for official word on what he’ll be costing the Saints this season.
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