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Derek Carr's tenure with the Raiders is officially over. The club informed the veteran quarterback that he has been released, a decision that comes just before his $40.4 million contract became guaranteed. This move was merely a formality at this juncture after Carr, who held a no-trade clause, informed Las Vegas that he would not accept a trade to any team, which essentially forced the club to release him.

Carr's agent, Tim Younger, said in a statement: "We wish the Raiders the best of luck. This is the tough part of this business. That's the point; it's just business. Time now to reset for both sides. Derek chooses to hold on to many good memories and friendships, without any ill will. That's who he is. Onward and upward."

Now that he has officially been let go, Carr will be allowed to choose his next NFL home. The 31-year-old recently visited with the New Orleans Saints, who are one of many teams in the market for a new quarterback this offseason. Head coach Dennis Allen is familiar with Carr, as he coached the rookie in 2014 before being fired four weeks into the season.

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Carr rebuffing any trade attempt is something that was always a possibility. He even reportedly said he wouldn't help his now-former team by extending that key Feb. 15 deadline. The Saints had to agree with the Raiders on what a hypothetical trade would look like for Carr to even visit with the quarterback, but the chances of a trade actually happening seemed minuscule when you factored in the Saints' horrendous cap situation. Now, a move to New Orleans becomes a bit easier from a contract standpoint and the club will no longer have to give up assets to acquire him. 

Of course, this does also open up the door for Carr to speak with other teams that have a quarterback vacancy, including the Carolina Panthers, who just hired former Colts head coach Frank Reich. 

Carr's days as a Raider officially became numbered when he was benched two weeks prior to the end of the regular season. The No. 36 overall pick out of Fresno State in 2014 went 6-9 as the Raiders' starter in 2022, while completing 60.8 percent of his passes for 3,522 yards, 24 touchdowns and 14 interceptions. In January, Carr posted his official goodbye to the Raiders franchise on Twitter, and also announced his plans on continuing his pursuit of a Lombardi Trophy.