It’s official! Derek Carr has agreed to a four-year deal with the New Orleans Saints, per multiple reports. It is worth $150 million with $100 million in total guarantees. He gets $60 million at signing and provides security for the QB with money vesting in year three.
The #Saints & Derek Carr agreed on a 4-yr deal for $150M with $100M in total guarantees, per me & @MikeGarafolo. He gets $70M effectively fully guaranteed ($60M at signing, another $10M in Year 3 vesting after Year 1). Carr structures his deal to accommodate Saints’ cap issues. pic.twitter.com/vs6qaBh7rg— Ian Rapoport (@RapSheet) March 6, 2023
The Saints pushed hard to get the deal done and security was a huge part of the deal for Carr.
The deal adds a no-trade clause which will give more power to Carr’s representation and allows for that added security.
The cap hit will be low in year one. The deal annually averages $37.5 million but the cap charges will look a lot different than that. The Saints and Carr want to build a winning team now and Carr’s deal helps them do so. In year one the deal could be valued around $7-$10 million.
Going to be low this year. They're going for it. https://t.co/wiD4BLkhvu— Nick Underhill (@nick_underhill) March 6, 2023
Mickey Loomis and Khai Harley will have their work cut out for them in the coming weeks. The focus is now on retaining WR Michael Thomas.