Carr's release came before a deadline on Tuesday in which $40.4 million in his contract would have been guaranteed.
On Sunday (February 12), NFL Network's Ian Rapoport reported that Carr had informed the New Orleans Saints that he wouldn't approve a trade to the franchise or any other NFL team, leading to his eventual release.
"The first big QB domino of the offseason. Derek Carr wanted to speak with teams and now he will. Las Vegas moves on and is free from his contract," Rapoport tweeted.
The Saints were reported to be among teams interest in Carr, but the $40.4 million he's was guaranteed as part of his recent extension was reported to be an issue, despite the team having the framework of a deal in place, according to NFL Network insider Tom Pelissero.
The Saints could still land Carr, but will now be able to do so through free agency, rather than having to give up valuable assets in a trade with Las Vegas. Carr was benched by the Raiders with just two games remaining in the 2022 regular season, citing the end of his nine-year tenure with the franchise.
The former Fresno state standout selected by the Raiders at No. 36 overall in the second-round of the 2014 NFL Draft and holds franchise records in passing yards (35,222), passing touchdowns (217) and completions (3,201), while ranking second behind Pro Football Hall of Famer Ken Stabler (69-26-1) in QB wins with a 63-79-0 overall record.
Carr signed a three-year, $121.5 million contract extension -- which includes a $32.9 million salary for 2023 and $7.5 million for 2024, both fully guaranteed pending an injury -- this past offseason but could be cut for a $5.625 million salary cap hit if the team decides to do so within three days of Super Bowl LVII.