NFL Rumors: Exec reveals asking price for Derek Carr trade

The Las Vegas Raiders are a step closer to trading quarterback Derek Carr. Yesterday, it was reported that the New Orleans Saints invited Carr for a visit today.

Carr has a no-trade clause in his contract so he can veto any proposed offer that is sent to the Raiders, but a visit with a team interested in him is the next step closer to being traded.

According to Jeremy Fowler of ESPN, the asking price for Carr is at least a third-round pick.

Carr has three years left under his current contract and has a cap hit of $34.8 million this season. He currently carries a dead cap hit of $5.6 million and can be cut after the 2023 season.

Carr will be entering his 10th season in the NFL this year and has had a remarkable nine seasons with the Raiders. He's their all-time leading passer in many categories, including passing yards, touchdown passes, passer rating, and completions, and has made four Pro Bowls.

Saints' cap space in 2023

Wild Card Round - Minnesota Vikings v New Orleans Saints

The New Orleans Saints are currently in cap hell. They are under $60 million, which is the least in the league. Compared to the Chicago Bears' $93 million, the Saints have $153 million less in cap space than the number one team.

Acquiring Derek Carr on his current contract would put them at $94.8 million, although if he gets traded to the Saints, he could likely join them on a restructured contract.

Wide receiver Michael Thomas accounts for $60 million, which is the largest cap hit of any NFL player for next season. They'll have to cut some players and rework their current contracts in order to get under the cap.

If the Saints were to cut Jameis Winston, Andrus Peat, Tre'Quan Smith, and Will Lutz, it would save them a total of $39.8 million. They could also restructure big contracts such as Cameron Jordan, Ryan Ramczyk, and Erik McCoy.

Either way, the Saints find themselves in a terrible cap situation, and it would only get tougher if they acquired Carr.