The deal announced Wednesday makes the quarterback the fifth of Oakland's eight draft picks to sign a rookie contract.
Carr said he wanted to get his contract signed so he can focus on the transition to the NFL.
Carr was picked 36th overall after being one of the most productive quarterbacks in college football last season. He threw for 5,083 yards and 50 touchdowns with only eight interceptions at Fresno State.
He comes to Oakland as a backup to starter Matt Schaub.
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