Derek Carr won’t take a pay cut for 2025 but willing to restructure to help the cap

I think if you want to tread water next season, you restructure Carr. If you want to be bad next season, you cut Carr and extend the other guys. If you want to give yourself your best shot at a surprise run by opening up space, you restructure Carr and the other guys.
Loomis likely takes the 1st or 3rd option.