Derek Carr contract: How hamstrung are the Saints?

The New Orleans Saints signed Derek Carr to a four-year, $150 million contract last offseason in the hopes he could help lead a loaded roster to the NFC playoffs. So far, that has not gone according to plan.

Carr and New Orleans are rapidly falling out of the NFC playoff race, and are even a game back in the dreadful NFC South. The Falcons have taken advantage of the Saints struggles, as they currently lead the division.

Carr has been on a downward spiral since his last season in Vegas. Some of that can certainly be blamed on the Saints offensive system, and namely Pete Carmichael. However, much of that blame should be shifted on Carr, who hasn't yet proven he's worth the Saints long-term commitment.

Derek Carr contract breakdown

The Saints signed Carr to a four-year contract last offseason, but it should be noted that not all that money is guaranteed. Essentially, Carr's deal is a two-year deal with an option to extend it to four. The Saints can get out of Carr's contract in the 2025 offseason should he continue to play this poorly, though it would cost them. The Saints have a planned contract restructure of Carr's deal in 2024. If they do so, they could pay the majority of his remaining money via a signing bonus, thus lowering the salary cap hit and dead money in his deal. That means Carr could be released after the 2024 season without hurting New Orleans much, especially if the cap continues to increase.

Derek Carr net worth

As of the 2023 season, Derek Carr's net worth is around $80 million, though that is expected to increase as his Saints tenure moves along. Carr signed a favorable extension with the Raiders, but made sure to take advantage of a relatively weak free-agent crop of quarterbacks this past offseason. Even if the Saints find a way to lower Carr's cap hit long term, they will still owe him quite a bit of money.

Derek Carr career earnings

Carr's previously signed a $125 million contract with the Raiders back in 2017. He likely did not receive all of that money, as fully-guaranteed contracts are a rarity in today's NFL, minus Kirk Cousins. Carr's net worth is said to be around $80 million as of this writing, plus he was guaranteed at least $60 million when he signed his latest Saints contract.