Raiders finalize five-year contract extension with Derek Carr

Raiders finalize five-year contract extension with Derek Carr

Derek Carr is now the NFL's highest paid player. The Raiders quarterback agreed on terms of a five-year, $125 million contract extension a source confirmed on Thursday morning, keeping the franchise's public face in silver and black through the 2022 season. 

Carr confirmed the agreement on Twitter early Thursday. 

"Now it's done!" Carr wrote. "From the jump I've wanted to be a Raider 4 life. One step closer to that! Blessed!!! Business done! Let's just play now!!!"

Carr was set to make a $977,515 base salary in 2017, the final year of his rookie contract. Carr's raise is significant, and underscores his value to the franchise. Carr's $125 million extension includes $70 million in guaranteed money and $40 million fully guaranteed at signing -- the portion not fully guaranteed is guaranteed for injury -- a source said. The deal features $25 million in the first year -- there's a $12.5 million signing bonus -- with $67.5 million over the first three years, according to ESPN's Dan Graziano.  

Carr's deal resets the quarterback market -- Matthew Stafford may do so again soon -- with an annual value above Andrew Luck's previous record extension. The Colts quarterback signed a five-year, $122.9 million extension last year, which Carr has now exceeded. 

The complete contract structure is not yet known, but a somewhat delayed payout plan is expected due to two key factors. The largest is Carr's desire to see other star Raiders receive extensions, and his deal gives the team some flexibility to keep important players in house. The Raiders will also move to Las Vegas by 2020 at the latest, where there is no state tax. California residents max out at a 13.3-percent tax rate, meaning his money will be worth more later in the deal.  

The 26-year old's ultimate goal was to maximize earnings without handcuffing the organization, and that's setting up well. His deal will help the Raiders that regard, though the team has also budgeted to extend several members of their young core. They have financial flexibility in future seasons and upfront salary cap space, though productive drafts are required to remain competitive as the cash gets gobbled by Carr and others in coming years.

The Raiders were always confident the Carr extension would get done this offseason, and the deal was finalized well before the quarterback's self-imposed training camp deadline. Carr's camp had discussed parameters of an extension months ago, but talks heated up in the last few weeks and ended up with an agreement that locks Carr down. 

The Raiders also hope to extend two more members of a star-studded 2014 draft class. Right guard Gabe Jackson is next in line, and could get a new deal this offseason and edge rusher Khalil Mack will get a massive contract at some point in the near future. Jackson's entering a contract year, but the team exercised a fifth-year option that creates more time to get a Mack deal done. Amari Cooper has some time under his rookie deal -- it could last through the 2019 season -- but the Raiders want to pair him with Carr for several seasons. 

Carr, Raiders both win with soon-to-be mega-deal done at right time

Carr, Raiders both win with soon-to-be mega-deal done at right time

If Derek Carr gets his $25 million deal from the Oakland Raiders and becomes the richest quarterback in National Football League history, the Raiders will have gotten a bargain.
 
Unless he gets hurt.
 
Or unless he turns lousy.
 
Or unless the NFL’s defensive coordinators decipher a way to strip him of his powers and render him McCown-tastic.
 
Or unless football happens in a hundred other ways, because of all the sports ever devised by wealthy man to amuse sedentary man, football taught cruelty to the landmine discus.
 
But the same can be said for any football player at any salary. Carr, on the other hand, is a qualified practitioner at a sport that has very few of them – maybe 10 if you’re looking at football, 119 if you’re trying to tot up all the quarterbacks who got contracts so Colin Kaepernick couldn’t.
 
That means he is a rare commodity, and the Raiders did the right thing by tying him up. The alternative, you see, is Kirk Cousins and the Washington Supreme Court-Mandated Native-American Heads.
 
Cousins was not signed when the Washingtons could have gotten him at a high but still reasonable rate, and now he is one year away from being franchised a third time at the hilarious figure of $34.47 million per year.
 
The lesson is clear. Nothing pays like procrastination, and by waiting to give Cousins what they knew they’d have to give him eventually for choosing him over Robert Griffin III, the Battling Snyders will pay through both nostrils, ears, eye sockets and mouth to keep him.
 
By signing Carr now, the Raiders have as much cost certainty as they can have at the position, and all they have to do now is (a) keep him stocked with supporting players and (b) keep him safe from opposing ones.
 
This isn’t easy, of course; most quarterbacks eventually end up in a fiery crash in Turn Two, and their ability to escape the mangled wreckage is the only thing keeping them from becoming part of the mangled wreckage.
 
So yeah, luck. Lots of luck.
 
On the other hand, the Raiders could have guaranteed that they would have had to overpay by a factor of 1.5 or maybe more by not signing him now, or they could have saved millions more by losing him entirely, which would have been just the gift for the discerning Las Vegas ticket holder who wanted an excuse not to buy tickets.
 
Essentially, Carr played the system brilliantly, and good for him since under most circumstances the system plays the players. Football players have a short enough career, and a shorter than average quality of life, so the rule of thumb should always be getting everything available and as much guaranteed as possible.
 
In fact, were I Derek Carr, I’d ask for ALL the money to be guaranteed just to set a standard for those who come behind me.
 
But if he’s happy – and let’s wait to see how much of this deal is actually guaranteed and how much is placed on a rug that will be pulled out from beneath him – and the Raiders are happy – and why wouldn’t they be? – then there’s nobody to complain, now, is there?
 
Now the Raiders of old would have screwed this up, and somehow Carr would have done so as well. But this team hasn’t done anything regally boneheaded since . . . well, trying to go to Los Angeles . . . or maybe hiring Dennis Allen . . . or . . . 
 
Oh, never mind. The point is, Carr was done at the right time, at the right number, for the right reasons, and both sides should be delighted.
 
And in nine or twelve or seventeen days when Matthew Stafford gets a deal that makes him a dollar more than Derek Carr . . . well, we’ll let the amateur accountants who think NFL contracts define players sort out that level of idiocy.

Report: Raiders, Carr close to finalizing massive contract extension

Report: Raiders, Carr close to finalizing massive contract extension

The Raiders want to extend Derek Carr’s contract. The franchise quarterback wants a deal done by training camp. That timeline has always worked for both sides, which are committed to a long-term union.

They might not need the full allotment to complete this pact. The Raiders are close to completing a contract extension with Carr that could make be worth approximately $25 million per year, ESPN’s Adam Schefter reported on Wednesday afternoon.

That falls in line with the franchise quarterback market. Andrew Luck’s five-year contract is worth $24.6 million per year, and sources have long indicated that would be a launching point for Carr’s extension.

Carr himself was quick to point out a deal isn’t done. He said so on Twitter moments after the Schefter report, saying “Nothing done yet…trust me you will hear it here first.”

Carr’s right. A deal hasn’t been finalized, but the expectation is that it will happen. Schefter reports a deal could be done by the end of this week.

The start of training camp was Carr’s deadline – he said he’d play out his rookie contract if an extension wasn’t done by then -- but the 26-year old signal caller wants a deal done as soon as possible.

He doesn’t like talking about business. He hates it when teammates get asked about it. Carr wants focus on football, and signing a market-value contract extension will do exactly that.

A hometown discount was never in the cards. It never is in regard to franchise quarterbacks across the league. Their value is immense and they get paid accordingly. A proposed length of the deal remains uncertain and, with all NFL contracts, the devil’s in the details and guaranteed funds. Carr’s guaranteed figure should be high, especially in early portions of the contract.

The Raiders budgeted to pay Carr, right guard Gabe Jackson and edge rusher Khalil Mack in a relatively compact space. They have $32 million in salary cap space heading into the 2017 season, and could offer massive up-front money to their quarterback.

The contract would certainly set a franchise record and could make Carr the NFLs highest paid player. He’s in line for such status now because he slipped to the 2014 NFL draft’s second round – fifth-year contract options are only available to first-round picks – and his emergence as an MVP candidate last year.

Carr has made giant leaps in each of the last two seasons. Last year was his best. Carr had 3,937 passing yards 28 touchdowns, six interceptions, a 96.7 passer rating and seven-fourth quarter comebacks during a 12-4 campaign that snapped a long Raiders playoff drought. Carr broke his fibula in Week 16 and his absence proved his value. The Raiders struggled mightily without him, and were bounced in the postseason opener. He’s completely healthy and again and has been a full participant in the Raiders offseason program. That stretch ended last week. Carr is expected to start training camp with a long-term contract completed.