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Report: Raiders release QB Derek Carr, avoid paying $40 million in guarantees

The Raiders have finally released Derek Carr.

Derek Carr #4 of the Oakland Raiders talks to teammates on the bench in the first half against the Tennessee Titans at RingCentral Coliseum on December 08, 2019 in Oakland, California. Photo by Lachlan Cunningham/Getty Images

Update: Releasing Carr will clear $29.25 million from the team’s cap space ahead of the offseason, per Field Yates. They are expected to have about $50 million to work with as they look to either bring in another quarterback or address other team needs.

The Las Vegas Raiders have released quarterback Derek Carr, per Adam Schefter. The team had a deadline of 4 p.m. ET on Tuesday to release him, or they would have owed him $40 million in guaranteed money from his contract. Carr has said that he will take some time with making his choice of where to sign next but can do so before March 15, when the new league year begins due to his being released.

The Raiders worked to try and find some trade partners for Carr but ran into some issues. First, his contract was a lot to take on for a team, and second, he had a full no-trade clause. Carr met last twice last week with the New Orleans Saints. His tenure with the team was on the rocks at the end of the year when he was benched for backup Jarrett Stidham. It became clear the two sides would part, it was just a matter of when.

Carr finished the 2022 season with 3,522 yards with 24 touchdowns and 14 interceptions in 15 games played. Despite the falling out he had with Las Vegas, the expectation is that he will sign somewhere that he can be the starter for 2023 and beyond. The Saints fit that bill, but so could the Tampa Bay Buccaneers, New York Jets and Indianapolis Colts if they have the interest.