Underhill noted there are still some contractual matters to resolve between the two sides. Carr is under contract through the 2026 season and is due to carry a cap hit of $51.4 million in 2025 and $61.4 million in '26. The Saints are in the worst financial position in the league, with an effective cap space of -$52.7 million, per Over the Cap.

NFL Network's Mike Garafolo: GM Mickey Loomis believes New Orleans Saints will keep quarterback Derek Carr in 2025. Cincinnati Bengals head coach Zac Taylor discusses 2024 season and looks forward to 2025 season.

The Saints are expected to be over the cap when free agency starts in the next two weeks, and Carr has a large number of $51.4 attached to his name. There are some ways that they can free up some space, and one of them is restructuring Carr's deal. Loomis knows that their cap space is limited and Carr's number is a reason for it.