Derek Carr could still be traded, after June 1

On the surface, the Saints’ decision to exercise their right to restructure quarterback Derek Carr's contract ties player to team for 2025. At a deeper level, a change remains possible.

Specifically, Carr could still be traded — if, of course, he'll waive his no-trade clause.

Multiple teams, we're told, were monitoring whether the Saints would release Carr. The Saints could have done it, assuming he would have passed a physical, given his late-season hand injury. It would have avoided $30 million in 2025 pay that had been guaranteed for injury only.

Instead, the Saints took the $40 million, reduced Carr's salary to $1.255 million, and dropped the $38.745 million difference into a guaranteed payment.

Based on the ongoing game of veteran quarterback musical chairs and the outcome of the draft, there could be a team or two looking for an answer at the position in 2025 when May rolls around. And it could be Carr.

The Saints are currently rebuilding. They're expected to be minor players in free agency. If 2025 will indeed be Carr's last season with the team, why not consider flipping him for future picks and moving on?

The Saints will want plenty for him, if it comes to that. They'd be handing his new team a one-year deal for the veteran minimum. And cash often translates to draft-pick compensation.

A pre-June 1 trade would trigger a crippling cap charge of $79 million. After June 1, however, the 2025 cap charge would drop to $19.2 million for 2025. Of course, it also would result in dead money of $60 million for 2026. But that $60 million in dead money will be lurking, regardless of what happens this year.

For now, file this one away. After the draft, survey the depth charts. It remains possible, based on how the next six weeks play out, that Carr will be on the move in 2025.