The Saints’ on-brand restructure of Derek Carr‘s contract last year leaves them with a harder out on the middling quarterback’s contract. Even after the Broncos took on $83MM-plus in dead money to drop Russell Wilson, a Saints-Carr split would bring a noticeable dead cap hit for a team that wages cap-compliance odysseys annually.

It would cost New Orleans $50.1MM in total to drop Carr. While the team could halve that (roughly) with a post-June 1 designation this year, it would still leave Kellen Moore‘s team in need at the game’s marquee position. While the Saints’ new HC stopped short of confirming Carr would lead his first New Orleans offense, Mickey Loomis leaned more in that direction at the Combine.

The 24th-year Saints GM said (via ESPN.com’s Katherine Terrell) Carr is “a guy we can win with,” as the veteran exec indicated the team will prepare for a third season with Carr at the helm. He remains tied to the four-year, $150MM deal authorized in 2023. The Saints would have had an easier time removing this contract from their payroll had the 2024 restructure not taken place, but the team needed to complete its usual quest to create cap space.

Retaining Carr may not be the most exciting news to Saints fans, but their cap situation — even as skilled as Loomis has proven in escaping trouble and stalling a true rebuild — would worsen considerably with a Carr separation. The Saints are still projected to be nearly $50MM over the 2025 cap. They have until 3pm CT on March 12 to move out of the red.

Moore also offered more support for Carr on Wednesday, indicating the Saints “feel fortunate to have Derek here, the experience he has. He’s a big-time quarterback in this league.” Loomis had said his next HC hire would shape the team’s QB direction; it appears, for now, this remains a Carr-centric roster. Moore’s team will assuredly be looking for a Carr heir apparent either this year or next, as this will be the age-34 season of a quarterback who has resided in the league’s middle class at the position for most of his career.

Last year, however, Carr did carry his highest QBR since 2020; the ex-Raider finished his abbreviated season with a 63.4 QBR. That would have been good for 13th in the league, though Carr did not have enough snaps to qualify. That showing also came after the Saints played without starting wideouts Chris Olave and Rashid Shaheed for most of the season. Carr missed seven games as well, marking by far his lowest attendance in an NFL season. He had never previously missed more than two regular-season games.

Carr said earlier this year he would not accept a pay cut from the Saints. He is due a $10MM roster bonus in March, when his $30MM base salary will become guaranteed. That is a sizable commitment for the Saints, but they do not have great options to move on. Beyond the above-referenced financial ramifications, New Orleans needs a future QB answer in what is viewed as a down draft at the position. Using Carr as a bridge while Loomis and Moore plan ahead makes sense, even if the Saints continue to punt on a rebuild.

The Jets will not have Aaron Rodgers in the fold next season, meaning the team is committed to moving in a new direction under center. The Saints also have a notable call to make regarding their veteran quarterback.

Derek Carr is on the books for the next two years, and his compensation for the coming season represents a potential sticking point for New Orleans. A $10MM roster bonus is due for 2025, and early in the new league year next month the 33-year-old’s $30MM base salary is set to vest. A decision will need to be made before that point as a result.

Given the inconsistent nature of Carr’s two seasons to date (not to mention that fact he was limited to 10 games in 2024), the Saints could look to move on. In the event that were to take place, Mike Garafolo of NFL Network notes a market would likely exist for Carr’s services (video link). No commitment either way has been made at this point, something which obviously remain the case until a head coaching hire is made.

General manager Mickey Loomis said last month the team’s next HC will have a say in deciding how the organization proceeds with Carr. The longtime Raider is by far the most experienced option on New Orleans’ depth chart, but turning to Spencer Rattler or Jake Haener would allow for the Saints to operate with a much less expensive QB starter. Considering the fact the team is once again projected to be well over the salary cap, financial savings would certainly be welcomed at any position. Carr has made it clear he is not prepared to accept a pay cut.

The Saints are of course the only team in the NFL without a head coach at the moment, but that will likely change shortly. Eagles offensive coordinator Kellen Moore is universally expected to be hired when New Orleans is allowed to bring him into the fold (i.e. any time after tonight’s Super Bowl). The former Cowboys and Chargers OC played as a quarterback, and expectations will be high for the Saints’ offense in general and the team’s play at that position in particular provided he is hired. A key decision will need to be made by Moore and Co. shortly after his (presumed) arrival, though.

As Garafolo notes, the pending free agent quarterback class is not well regarded. Aside from Sam Darnold, the likes of Rodgers, Justin Fields, Russell Wilson and – in the likely event the Falcons cut bait this offseason – Kirk Cousins are the top veteran options suitors will have to choose from. Especially with the crop of 2025 rookies viewed as lacking in clear-cut franchise passers, Carr could be a suitable short-term addition in the eyes of at least some suitors.

A Carr trade before June 1 would create over $11MM in cap savings for the Saints, but it would generate a dead money charge of more than $40MM. Waiting until after that date to trade (or, for that matter, release) him would be much more beneficial from a financial perspective. A direction will need to be chosen along a much shorter timeline, however, so it will be interesting to see how the Saints proceed.

Uncertainty looms over the Saints’ direction at the quarterback position for 2025. The same is true on the sidelines since a new head coach has yet to be hired. Both situations, to no surprise, are linked.

During a Monday press conference, general manager Mickey Loomis made it clear no final decision has been made at this point with the respect to how the team will proceed under center. He added (via Nick Underhill of NewOrleans.Football) New Orleans’ next head coach will have a large say in whether or not Derek Carr will remain uncontested atop the depth chart or other options will be brought in. For his part, though, Loomis praised the veteran signal-caller.

“I have a high level of confidence in Derek,” Loomis said (via Underhill). ” He’s done some really good things here.”

Carr is currently on track to collect $30MM in base salary for 2025. $10MM of that figure is already locked in, and the remainder will become guaranteed in full in mid-March unless any adjustments are made. The four-time Pro Bowler recently made it clear he will not accept a pay cut, so a decision on a restructure (something the Saints, as usual, will need to rely on to achieve cap compliance this spring) or a trade or release will need to be made fairly soon.

In the meantime, New Orleans’ head coaching search continues. The team has already conducted several interviews, and few other candidates (with the potential exception of Mike McCarthy, who will not return with the Cowboys) are likely to receive attention. For now, Lions defensive coordinator Aaron Glenn looks to be the leading contender for the gig. He served as the Saints’ defensive backs coach for five seasons, and a return to his former team remains a distinct possibility.

After New Orleans elected to move on from Dennis Allen midseason, special teams coordinator Darren Rizzi was promoted to interim HC. Shifting to a coach with an offensive background could take place with an eye on maximizing Carr’s remaining play as he approaches his age-34 season. In any case, changes elsewhere on the staff could take place once a new head coaching hire is made, as evidenced by the fact offensive coordinator Klint Kubiak is taking interviews with other teams for the same role.

Neither Spencer Rattler nor Jake Haener showed enough late in the season to suggest they could be take over QB1 duties in the event the Saints were to move on from Carr, but it remains to be seen how the team’s next head coach will perceive the situation under center.

Retaining GM Mickey Loomis, the Saints will pair their long-running front office setup with a new coaching staff soon. This partnership will oversee a retooling effort, as a full rebuild does not appear to be in the cards. A collaboration on the team’s most important player will be necessary, as the Saints are once again in the worst cap shape of any team entering an offseason.

Derek Carr is now in Year three of his $150MM contract, which runs through 2026. The former Raiders cornerstone has battled injuries, and a battered receiving corps gave he and the Spencer Rattler–Jake Haener combination little to work with as the season progressed. New Orleans has a decision to make on Carr, but anything drastic would involve a heavy dead money figure.

Carr, 34 in March, is due a $30MM base salary for 2025. Of that total, $10MM is guaranteed due to the QB being on the Saints’ roster in March 2024. A $30MM injury guarantee — covering the remainder of Carr’s 2025 salary and $10MM of his 2026 paragraph 5 pay — would vest in March of this year. The Saints have already gone to the restructure well, as this is perhaps the NFL’s restructure headquarters, but no known pay-cut effort has occurred. Carr would not accept a trim if the Saints tried.

“I wouldn’t take a pay cut,” Carr said, via ESPN.com’s Katherine Terrell. “Yeah, I wouldn’t do that. Especially with what I put on tape. Would I restructure? Absolutely. I’ll always help the team that way. But there’s some things that you put out there that you earned. Even in some cases it could be even worse, but I felt confident when I signed it that this would give the team the best flexibility at the time.

“… But there’s always a kind of respect as a quarterback you’re like, well still we’re in that respectful lane. ‘We’re good. Build the team.’ But yeah, I wouldn’t take anything less to do this. It’s hard enough putting our bodies through it. And you’re trying to get everything you can for your family for it.”

Restructures are commonplace at this time of year, and Saints fans know this better than anyone. The previous Carr restructure created the high dead money bill in exchange for cap savings last year. As a result, it would come with a $50.13MM dead cap charge if New Orleans released Carr. That could be halved via a post-June 1 cut. Like the Broncos’ case with Russell Wilson last year, the Saints could attempt to escape now before another injury guarantee vests. It just would mean cap savings of less than $1.5MM this year.

A restructure is probably where the team goes, as Carr would count an NFL-record $51.46MM against the cap in 2025. The Saints gave Carr a no-trade clause, minimizing the chances of that route being feasible. The Raiders did the same via the sides’ 2022 agreement, and they moved on via release in February 2023.

Carr started 17 games for the Saints in 2023 but only 10 this past season, with the QB battling an oblique tear and a subsequent hand injury. He finished with 15 touchdown passes, five INTs and 7.7 yards per attempt, and although the 11th-year veteran did not have enough snaps to qualify in QBR, his 63.1 number checked in higher than his 2023 offering (56.5). Carr remains a capable but unspectacular option, but the Saints finding a definitive upgrade would prove difficult this offseason.

“That’s the life of a quarterback,” Carr told Terrell. “Whenever the season doesn’t end the way [you wanted] that’s the person people look at. ‘Well what money can we free up to get this and do this’ … and I’m fully confident with what I put on tape. I’m not worried, if that’s the case, and it had to change and all that kind of stuff. I’m super confident that whatever it is, I could get anywhere else to play. And so I’m not worried about that, but at the same time, I just want to win.”

Per usual, the Saints are in their own sector of cap trouble, sitting more than $66MM over the projected 2025 ceiling. No other team is more than $24MM over. Carr said he has engaged in “great conversations” with Loomis and Gayle Benson. With the Saints limited in terms of how they could replace the middling QB, especially in an offseason that does not look to feature many upgrade options, Carr sits on fairly steady ground ahead of the Saints’ annual cap-gymnastics period.