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The Las Vegas Raiders have released Derek Carr after the quarterback refused to waive his no-trade clause, the team announced.
If Carr was still on the Raiders roster as of 4 p.m. ET Tuesday, $40.4 million of his contract would have become fully guaranteed.
The roster move frees up around $29 million in cap space for Las Vegas and allows Carr to hit the open market a month ahead of the start of the NFL's new league year.
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Quarterback Derek Carr of the Las Vegas Raiders looks to throw during the first half of a game against the New England Patriots at Allegiant Stadium Dec. 18, 2022, in Las Vegas. (Chris Unger/Getty Images)
"We have a lot of respect for Derek Carr and what he has meant to the Raiders organization for the last nine years. Derek has done great things in this league, and we’re thankful to have been able to work with him this past year." head coach Josh McDaniels and Raiders general manager Dave Ziegler said in a prepared statement.
"He is a true professional, and we appreciate his hard work in striving to produce the results we all desire. We wish Derek and his family all the best in the future."
Carr, who turns 32 next month, visited with the New Orleans Saints last week. Any new contract Carr signs with his next team will likely reflect the current market rate for quarterbacks.
Since Carr was released by Las Vegas, he does not have to wait until the new league year begins March 15 to sign with a team.
Over the course of his nine seasons with the Raiders, Carr frequently had to adjust to new head coahes. He played under Dennis Allen, Tony Sparano, Jack Del Rio, Jon Gruden, Rich Bisaccia and Josh McDaniels. He also learned new offensive schemes under five different offensive play-callers during his tenure.
Las Vegas Raiders quarterback Derek Carr (4) runs with the ball during a game against the Cleveland Browns Dec. 20, 2021, in Cleveland. (AP Photo/Kirk Irwin, File)
Carr finishes with a 63-79 record with the Raiders.
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The former Fresno State standout was drafted in the second round of the 2014 NFL Draft.
In his rookie year, he beat out veteran quarterback Matt Schaub for the staring job. He holds most major passing records in Raiders franchise history, including 35,222 career passing yards.
Las Vegas Raiders quarterback Derek Carr (4) calls signals during the first half of a game against the Pittsburgh Steelers in Pittsburgh Dec. 24, 2022. (AP Photo/Don Wright)
Carr signed a three-year, $121.5 million extension last year that included a no-trade clause. McDaniels benched Carr for the final two games of the 2022 season. The Raiders decided to start Jarrett Stidham down the stretch.
In January, Carr left the team in what was characterized as a "mutual decision" and posted a farewell to the fans on social media.
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Carr has been a durable player throughout his career, missing only two games due to injury. The Raiders hold the No. 7 overall pick in April's draft and could select their quarterback of the future.