Saints QB Derek Carr has reportedly restructured contract to clear up $23M in cap

New Orleans Saints quarterback Derek Carr (4) reacts after a play during an NFL football game against the Atlanta Falcons, Sunday, Jan. 7, 2024, in New Orleans. (AP Photo/Tyler Kaufman)

The New Orleans Saints have reportedly restructured the contract of quarterback Derek Carr to provide the Saints with $23 million in cap relief, according to ESPN.

Carr's contract runs through 2026 after he inked a four-year deal worth up to $150 million in 2023. His base salary for the 2024 season was $30 million, and New Orleans has converted that to a signing bonus to help get the team closer to being under the cap.

In his first season with New Orleans, Carr threw for 3,878 yards, 25 touchdowns and eight interceptions. And even though the Saints finished 9-8 in his debut, it was only good enough for second place in the NFC South as the Tampa Bay Buccaneers owned the tiebreaker and went to the playoffs.

The Saints currently own the second-worst cap situation in the NFL and sit $53.7 million over the salary cap. Carr is the biggest chip in New Orleans getting cap relief, as the team is expected to try to clear up approximately $80 million.

Free agency is only two weeks away, legal tampering begins on March 11, while teams can officially sign free agents on March 13.

ESPN's Jeremy Fowler also reported that the Saints will begin working on restructuring other deals, including Pro Bowl defensive end Cam Jordan, center Erik McCoy and guard Cesar Ruiz.

This story will be updated.