Report: Saints rework Carr deal to free up cap space, commit to QB for '25

The New Orleans Saints are converting most of quarterback Derek Carr's 2025 salary into a signing bonus for salary-cap purposes, sources told Mike Garafolo and Ian Rapoport of NFL Network.

The move - which will free up almost $31 million in cap space for New Orleans - is the latest confirmation that the Saints will move forward with Carr in 2025. There had been rumors that the team could've parted ways with the veteran passer, who's signed through the 2026 season.

Other teams were monitoring his contract situation with the Saints before the two sides agreed to rework his deal Saturday, notes Albert Breer of TheMMQB. Carr originally signed a four-year, $150-million deal with New Orleans in 2023. He said in January he wouldn't accept a pay cut this year.

Carr, who would've counted $51 million against the cap in 2025 without a reworked deal, will now make $40 million this year. His salary-cap number is expected to jump to $69.2 million in 2026, according to Over The Cap. The Saints will have to take on a dead-cap hit of $59.7 million if they cut the 33-year-old next year.

The Saints have posted a 14-13 record with Carr under center over the last two seasons. The four-time Pro Bowler - who's passed for 40 touchdowns to 13 interceptions since 2023 - missed seven games last year due to injuries.