On Friday the New Orleans Saints agreed to a massive contract restructuring with starting quarterback Derek Carr that will get them closer to the salary cap hell they have put themselves in over the last few years.
Despite finishing in a 9-8 tie for first place in the NFC South this past season, the New Orleans Saints got the short end of the stick and were left out of the playoffs in 2024. The disappointing result sent a clear message they need to make some upgrades to the roster if they want to get back into the postseason next season.
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The organization was already an insane amount over the current salary cap heading into the offseason, but ESPN NFL insider Jeremy Fowler revealed the organization’s first major step toward trying to free up some space to improve the roster in 2024.
New Orleans Saints roster improvement plan begins with $23 million being slashed from payroll
“The Saints are restructuring QB Derek Carr’s contract for salary cap purposes, a move expected to save the club around $23M in cap relief,” Fowler wrote. “Carr is due $30M in base salary, so converting a portion of that into a signing bonus can provide immediate savings.”
The move likely not only guarantees Carr will be the starting QB in 2024 but makes the team almost financially obligated to seriously consider him for the role in 2025 even if he struggles next season.
Related: Likely 2024 NFL salary cap casualties: 20 veterans who could be released
Before the move on Friday, the New Orleans Saints were an obscene $76 million over the salary cap (via OverTheCap). That was the worst number in the league until today. Now they have the second most in the NFL, only behind the Buffalo Bills and their $55 million above the cap.
The Saints will have some very tough decisions to make in the weeks ahead as they look to slash another $53 million from their payroll.