The Las Vegas Raiders declared their intention to battle it out in the AFC West by re-signing Derek Carr to a three-year $121.5 million extension and going all-in on making the postseason. The big money extension, first reported by NFL Network’s Ian Rapoport, has received scrutiny, but it shouldn’t be complicated: this is a good deal for both sides.
Quarterbacks get paid a lot of money. That’s no secret. As the NFL’s cap space has ballooned over the last decade, so has the cost of the most important position in football. The NFL has become a pass-heavy league and, in turn, quarterbacks are being compensated as such, with the highest paid quarterbacks in the NFL now earning north of $40 million a year. To some it might be lunacy, but that’s the way the market has shifted in recent years.
They’re the straw that stirs the drink on offense. The NFL is a quarterback driven league and the elite quarterbacks will be paid top dollar. Even the very good, but not elite ones will be paid like it. Derek Carr falls into that category.
Carr has been the stable leader for the Raiders since he was drafted by the team in the second round of the 2014 NFL Draft. He’s performed well when he’s been given little to work with and helped lead the Raiders to the playoffs in 2021 amid a season of real turbulence.
In the last three seasons, Carr has had the 14th, 11th, and 10th-best QBR in the NFL and finished with PFF passing grades of 77.6 (12th), 83.9 (9th), and 81.2 (9th). He might not be one of the 10 best quarterbacks in the NFL, but his consistency puts him in the conversation. It also might not have always translated to team success – the Raiders are 57-70 with Carr under center – but there’s no question that Carr is supremely talented.
His completion percentage has steadily risen over the last few seasons – Carr completed 61.4 percent of his passes in his first four seasons, but he’s completed 68.7 percent of his passes in his last four seasons – and has consistently improved his yards per attempt while rarely turning the ball over.
Carr has one year remaining on his current contract before the extension kicks in. If you add in that year and average it out across four years, Carr is essentially being paid $35 million a year – tied for 5th with Russell Wilson for the highest AAV contract. That’s the price for a good quarterback in the NFL. And the Raiders have made it clear that they’re ready to push all their chips into the middle to compete in the AFC West.
If you want to be good, there’s no other option unless you have a stud quarterback on a rookie contract. Cheap, team-friendly deals are hard to find now. Not many quarterbacks who are worthy of big deals are going to take significantly less, and most teams are more than happy to oblige paying top dollar to have stability at the most important position in football.
The rule of thumb goes something like this: if you aren’t prepared to pay your quarterback north of $30 million, he probably isn’t the guy. The Raiders know Carr is their guy and they’ve paid him as such.
It’s a cold world out there if you’re looking for a quarterback. Trading for one is more expensive than ever before, and on top of that, most big name quarterbacks who are traded usually want extensions as well. That drives the overall price up. Drafting one is no guarantee for success either.
The Raiders are ready to contend. They’ve re-signed Maxx Crosby to a well-earned mega deal, they traded for the best receiver in the league, Davante Adams, added Chandler Jones and other pieces this offseason as well.
This is their best roster in a number of years and Las Vegas deserves credit for not rolling over in a loaded AFC West. They wanted to stay in the hunt and play meaningful football in December and keeping Carr around for the next few years is the safest way to do that.
It might be expensive, but that’s the price of a good quarterback in the NFL now. Carr’s play has shown that he’s deserving of the deal and the Raiders know they won’t be in a better position unless they give up significant assets for a better quarterback.
-Thomas Valentine
Twitter: @ThomasValenfine