Mike Garafolo: Saints are set to make a decision on Derek Carr within the next few weeks; likely to have multiple suitors if released

Elvis said

For #1, it is impossible to leave his contract the way it is. His cap hits right now are $51.4m in 2025 and $61.4m in 2026.

For #2 there are a couple of different scenarios:

• One is to cut him outright which would save $1.3m in 2025 while taking a $50m cap hit. This clears 2026 entirely. This method wouldn't leave any room to even sign draft picks and is the least likely. If he signed for another team and we'd recoup up to $10m in cap space if he was paid that much between bonus and salary because of offset language in his contract.
• Another is to designate him a June 1 cut which would force us to carry his entire 2025 cap hit of $51.4m until June. But once June comes we'd be able to split his cap number between $21.4m in 2025 and $30m in 2026. This is the best option we have because it gives us some room this year and while it increases our cap liability in 2026, we have more room to absorb it next year. The same $10m offset applies to this option.
• Third, is to trade him if he agreed to waive his no trade clause. If his contract was left untouched, we'd be on the hook for $40m in 2025, but nothing in 2026.

Click to expand...

I think realistically we need to restructure about 10 million to get under the cap to begin the league year. Thus would result in an immediate 8 million dollar 2025 cap savings from prorating the bonus over 5 years. We would have to pay a total cash payout this year to him of at least 20 million dollars instead of only 10 with no restructure.
If we then designated him a July cut, we would get an additional 20 million dollar cap savings in July. If he signed with some other team, we would get an offset of up to 20 million dollars available in our 2026 cap based on what the new team paid him.
Of course the ten million dollars would be adjusted to the minimum required to be cap compliant at the beginning of the new league year.