Derek Carr Contract Worth $150 Million Over Four Years, per Report

New Orleans lands its new QB on a big-money deal.

Derek Carr and the Saints agreed to a four-year contract on Monday, bringing the veteran quarterback for New Orleans on a big-money deal. NFL Network's Ian Rapoport and Mike Garafolo reported the details of the contract, indicating the 31-year-old is set to make $150 million across four seasons with the Saints.

Per Rapoport, Carr signed a four-year, $150 million deal with the Saints which includes $100 million in total guarantees. Upon signing, Carr will be guaranteed $60 million, and $10 million of his salary in his third season will be vested after his first year in New Orleans.

The deal comes out to an average annual value of $37.5 million per season, keeping the nine-year veteran under contract with the Saints through the 2026 season. The AAV on his deal ranks ninth among NFL quarterbacks, per OverTheCap. 

Rapoport indicates Carr's contract is structured in order to help "accommodate" the Saints' current cap issues.

The #Saints & Derek Carr agreed on a 4-yr deal for $150M with $100M in total guarantees, per me & @MikeGarafolo. He gets $70M effectively fully guaranteed ($60M at signing, another $10M in Year 3 vesting after Year 1). Carr structures his deal to accommodate Saints’ cap issues. pic.twitter.com/vs6qaBh7rg

— Ian Rapoport (@RapSheet) March 6, 2023

Over the weekend, reports emerged indicating Carr had a "slight lean" toward the Jets when it came to his free agency. However, with New York waiting to see what comes of the Aaron Rodgers situation, the former Raiders quarterback ended up agreeing to a deal with the Saints, rather than continue to wait on the Jets. 

The four-time Pro Bowler was released by the Raiders at the start of the offseason. Las Vegas benched Carr toward the end of the regular season, signaling the end of his tenure with the organization. He had 24 touchdowns and 14 interceptions in 15 games during the 2022 NFL season.