Derek Carr has left the Las Vegas Raiders after refusing a trade to the New Orleans Saints, the franchise confirmed on Tuesday.
The Raiders and Carr parted ways after nine seasons together ahead of the February 15 trade deadline.
Carr's release was expected after his refusal to join the Saints, in a trade deal that had already been agreed between the teams, which was reported on Sunday by ESPN and NFL Network.
The quarterback's exit before the deadline meant he will not receive the guaranteed $40.4million in future earnings under his previous contract in Las Vegas.
The 31-year-old reportedly rejected a pay cut to facilitate a trade to New Orleans and will instead enter free agency for the first time in his career.
"We have a lot of respect for Derek Carr and what he has meant to the Raiders organization for the last nine years," Raiders head coach Josh McDaniels and general manager Dave Zeigler said in a statement.
"Derek has done great things in this league and we're thankful to have been able to work with him this past year.
"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's agent, Tim Younger, posted on Twitter: "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."
Carr had been with the Raiders since he was selected in the second round of the 2014 NFL Draft and holds franchise records for his 35,222 passing yards and 217 touchdowns.
As starting QB for Las Vegas he went 63-79, but the Raiders made just two playoff appearances during his time – in 2016 when he was injured and five years later when they suffered a wild-card exit.
Las Vegas finished third in the AFC West in 2022 after struggles for Carr, who is said to be wanted by the Saints and the Carolina Panthers.
The Raiders were linked to Tom Brady before he retired and fellow veterans Aaron Rodgers and Jimmy Garoppolo as potential replacements.