We now have some additional details on Derek Carr‘s new extension with the Raiders. As previously reported, the five-year, $125MM deal gives Carr a record-setting $25MM per year when evaluating only the new money. A closer look shows that the deal, while still lucrative, is far from a sure thing for the young quarterback. 

Carr will get $40MM fully guaranteed at signing with $70.2MM guaranteed for injury, as ESPN.com’s Dan Graziano tweets. However, the particulars of the deal effectively make this a two-year, $47.5MM contract with team options the rest of the way. That’s because Carr’s 2019 and 2020 guarantees do not vest until February in each of those years. It’s also worth noting that the final two years of the deal – 2021 and 2022 – are non-guaranteed.

If the Raiders do not release Carr before that date in 2019, he’ll be in line for $67.5MM in earnings through the first three years of the deal. As we learned on Thursday morning, Carr’s agents purposely pushed for a backloaded contract so that Carr could take full advantage of Nevada’s 0% state tax. Still, the fine print of the deal leaves Carr with little certainty in the event that he regresses. The notion of Carr falling off before his 30th birthday seems unlikely today, but stranger things have happened in the NFL.

Raiders quarterback Derek Carr won’t negotiate a contract extension once training camp starts, but that could end up being a moot point. The Raiders and Carr have been engaging in “good faith” negotiations in an effort to get a deal done by the camp deadline, reports Ian Rapoport of NFL.com (Twitter link). If the two sides do reach an agreement, it’s “very possible” Carr will set a new benchmark and become the NFL’s first $25MM-per-year player, according to Rapoport.

Both the league’s ever-rising salary cap and Carr’s performance since entering the pros as a second-round pick in 2014 have him poised to land elite money. Carr is coming off his best season, albeit one that ended early with a broken fibula, as he tossed 28 touchdowns against six interceptions and helped the Raiders to 12 wins and their first playoff berth since 2002.

Colts quarterback Andrew Luck fell just shy of the $25MM mark on the extension he signed last summer, when he inked a five-year, $122.97MM pact that includes a record $87MM in guarantees. Jason Cole of Bleacher Report noted last month that the 26-year-old Carr’s next deal could surpass Luck’s, which jibes with the latest from Rapoport. And Rapoport adds that Kirk Cousins‘ talks with the Redskins could affect Carr’s discussions with the Raiders. In the event Washington extends Cousins for a record amount before Oakland locks up Carr, the latter might have to go back to the drawing board in negotiations, Rapoport suggests, which could be problematic if it happens close to the start of camp.

Without an extension, Carr would play 2017 for a relative pittance and presumably either re-sign with the Raiders or get the $22MM-plus franchise tag next offseason. The Raiders would rather not have to resort to deploying the tag, as Cole reported, so it would behoove them to re-up Carr over the next month-plus.

Negotiations between the Raiders and quarterback Derek Carr are expected to gain steam following the conclusion of this week’s owner’s meetings, sources tell Jason Cole of Bleacher Report (video link).

Any deal between Oakland and Carr is likely to be a “strong step above” the five-year, $122.97MM extension the Colts handed fellow signal-caller Andrew Luck last summer. Luck is currently the highest-paid quarterback in the league with a $24.594MM annual salary, but Carr could conceivably top that figure.

Carr, 26, may hold a bit more leverage than did Luck, as the Raiders don’t hold a fifth-year option on Carr given that he was originally a second-round selection. Oakland could deploy the franchise tag in 2018 at a cost of more than $22MM, but the club prefers not to use that tender, per Cole.

Raiders general manager Reggie McKenzie said in April that he’s been discussing an extension with Carr “for months”, and characterized those talks as “super positive.” Both McKenzie and Carr have expressed confidence that a new deal will get at some point.

Amidst whispers that Derek Carr is growing frustrated with the pace of contract negotiations, Raiders GM Reggie McKenzie is adamant that things are fine between the team and its franchise quarterback. In an interview with 95.7 The Game, McKenzie reiterated that his relationship with Carr is still strong and expressed confidence in a deal coming together. 

“I see Derek every day. We have a great relationship and communicate very well,” McKenzie said (via Scott Bair of CSNBayArea.com). “That’s not going to be an issue at all. As far as the contracts go, I don’t like discussing contracts outside these walls. I kind of keep that as my mantra, to keep that in house. But the bottom line is that we love Derek and we want to keep him. We’re going to everything to make sure this contract gets done.”

Carr is one of the game’s top quarterbacks and he’s likely looking for a deal that will reset his market as the position. The QB is happy being a Raider, but there are no indications that he will give the team a hometown discount on an extension.

The Raiders will have Carr under club control through 2018 thanks to his fifth-year option, but going year-to-year after that point via the franchise tag would be costly and potentially contentious. Carr is eager to sign a new contract and the Raiders would like to lock him in place for years to come, so it seems like the odds of a deal getting done this year are still pretty high.