According to a report Tuesday, Carr will receive an intitial signing bonus of about $11 million and a 2002 base salary of $1 million. There is a second bonus, worth about $3 million, payable in March 2003. Carr also will earn base salaries of $550,00 for the 2003 season and $600,000 the following season.
Carr's entire contract essentially ensures a payout of $16.25 million over the first three years, more than the $15.3 million guaranteed in the first three seasons signed by last year's top pick, Atlanta Falcons quarterback Michael Vick.
In terms of signing bonuses and base salaries, the contract totals $46.25 million for seven years. There also are other aspects of the contract that could push its value to $60 million.
Texans owner Bob McNair said as early as last week that the two sides were working on the parameters of a contract that would make Carr the first player selected by the expansion club.
Before Carr officially signs, the contract needs to be approved by the NFL Management Council.
Carr, 22, completed 587-of-934 passes for 7,849 yards with 70 touchdowns and 23 interceptions during his collegiate career. He skyrocketed up the draft charts in his final collegiate season, when he threw for 4,839 yards with 46 touchdown passes and nine interception in 14 games.