I love that report we get hours after the "$150M contract" report comes out: it's really a 2 year for $70M deal and maybe 3 for $100M if he plays up to that level.
1. Signing bonus: $28.5 million.
2. 2023 base salary: $1.5 million, fully guaranteed.
3. 2024 base salary: $30 million, fully guaranteed.
4. 2025 compensation: $40 million, guaranteed for injury at signing. Of that amount, $10 million becomes fully guaranteed in 2024, and the remainder becomes fully guaranteed in 2025. (The payments are in the form of a 90-man offseason roster bonus in the amount of $10 million, and a $30 million base salary.)
5. 2026 base salary: $50 million, non-guaranteed.
So while it’s technically a four-year, $150 million deal, it’s at best a three-year, $100 million deal. The fourth year is a device aimed simply at driving the average from $33.3 million per year to $37.5 million — since he reportedly was looking for at least $35 million per year.
The contract could be as short as two years and $70 million, with the final $10 million being subject to offset in 2025.
At a minimum, Carr will make $60 million for one year. The only way to avoid owing $70 million over two would be to cut him after one season.
So, they are committed to paying him $30M/year for the first two years and a $10M bonus, but if he gets cut after two years the $10M is subject to offset i.e. NO doesn't pay it if he makes more than $10M elsewhere. So, he gets to say he made $35M/year but NO gets to claw back some money if he keeps playing.
Bottom line is NO is paying middle-of-the-pack vet QB money for a middle-of-the-pack talent. Here's some comparables: