As a street-free agent, Derek Carr signed a four-year contract with the New Orleans Saints. Having been released from his deal with the Las Vegas Raiders, Carr managed to cash in as the first QB on the open market this offseason. Let’s take a look at what we know about his contract and salary cap impact.
Derek Carr’s Contract Details and Bonuses
- Length: 4 years
- Total Value: $150 million
- Average Annual Value: $37.5 million
- Total Guarantees: $100 million
- Fully Guaranteed: $60 million
- Signing Bonus: $28 million
Per NFL Network, Carr’s contract with the Saints is reportedly a four-year deal worth $150 million. There are $100 million in potential guarantees, with $60 million fully guaranteed at signing, including a $28 million signing bonus. A further $10 million will become guaranteed after Year 1, with the remaining $30 million becoming guaranteed further down the line.
Effectively, this contract for Carr shapes up as a two-year deal worth $70 million in guaranteed money. After that, a lot will depend on how the remaining contract is structured. The contract is structured to help with the Saints’ salary cap concerns in 2023, including a void year in 2027 to help spread the signing bonus.
Carr’s $37.5 million average annual value makes him the ninth-highest-paid quarterback on a per-year basis. His $100 million in potential guarantees is the 10th highest at the position, and his $60 million in full guarantees is the 11th highest. Additionally, Carr receives a no-trade clause, giving him the ability to decide on any future team if the Saints look to move on.
The structure of Carr’s contract will see him count for just $7.2 million against the Saints’ salary cap in 2023. That is made up of the prorated signing bonus ($5.7 million) and $1.5 million in base salary. That cap number is set to rise to $35.7 million in 2024, then $45.7 million in 2025, and $55.7 million in 2026.
Derek Carr’s Net Worth
Carr’s net worth is currently estimated to be around $80-85 million. A large portion of that comes from Carr’s NFL career earnings of $135.666 million. If he does end up seeing out his full contract with the Saints, Carr’s career earnings would rise to $285.666 million.