Saints salary cap space update after Derek Carr contract restructure
The New Orelans Saints restructured their contract with starting quarterback Derek Carr on Saturday afternoon, which carries a host of implications. But the most pressing matter is how this move impacts the Saints and the salary cap. Before restructuring Carr's contract, which carried a cap hit of $51,458,000, the Saints were in the red by an estimated $39,539,537, per the experts at Over The Cap.
Assuming the Saints used a maximum restructure (as is typical for them), they just freed up $30,996,000. Flipping one switch nearly gets them in the clear, even if it isn't the most popular move given Carr's poor performance in two years as a starter. We'll find out the exact number later, but we'll assume the Saints maxed this out by reducing Carr's base salary to the minimum ($1,255,000) and combining the $28,745,000 difference with his $10 million roster bonus, which will be paid out over time for accounting purposes. Hence the $30,996,000 in savings.
So that brings the Saints down to about $8.5 million in negative cap space. That's very manageable. They can now reach salary cap compliance before the Wednesday, March 12 deadline (3 p.m. CT/4 p.m. ET) with a couple of other roster moves. Expect a combination of restructures, pay cuts, and veteran releases similar to what we laid out in our mock offseason. General manager Mickey Loomis has indicated the Saints will be more aggressive in this free agency cycle than they were a year ago. Restructuring Carr gives them the means to do it.
This article originally appeared on Saints Wire: Saints salary cap space update after Derek Carr contract restructure
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