While Carr did not divulge the terms of the deal, multiple outlets reported that it was a five-year, $125 million contract. Should that be the case, it would make the two-time Pro Bowl selection the highest-paid player in the league in terms of new money average.
Andrew Luck of the Indianapolis Colts receives $24.6 million per year, just ahead of fellow quarterbacks Carson Palmer ($24.35 million) of the Arizona Cardinals, Drew Brees (24.25 million) of the New Orleans Saints and Kirk Cousins ($23.9 million) of the Washington Redskins.
"Now it's done," Carr wrote on Twitter. "From the jump I've wanted to be a Raider 4 life. One step closer to that! Blessed!!! Business done! Let's just play now!!!"
Now it's done From the jump I've wanted to be a Raider 4 life. One step closer to that! Blessed!!! Business done! Let's just play now!!!— Derek Carr (@derekcarrqb) June 22, 2017
Carr had given the Raiders a training camp deadline for the deal or planned to shut down negotiations and play the final season of his existing four-year contract.
The 26-year-old passed for 3,937 yards with 28 touchdowns against just six interceptions last season.
Carr has been a full participant in the team's offseason activities this spring.