Carr, who spent the past nine seasons as a starter for the Raiders in their transition from Oakland to Las Vegas, became a free agent for the first time in his career.
If Carr was on the Raiders roster on Wednesday, the club would have owed Carr his entire $32.9m (£27m) salary for the 2023 season and $7.5m (£6.1m) of his scheduled $41.9m (£34.4m) for 2024 would have become guaranteed as well.
The moves opens $29.3m (£24m) for the Raiders under NFL salary cap rules.
Carr is able to sign with any NFL club without waiting until the new business year for the league starts on March 15 because he was released as opposed to others whose contracts expire to leave them as free agents.
In 142 games over nine seasons, the past three after the move to Vegas, Carr has completed 3,201 of 4,958 passes for 35,222 yards and 217 touchdowns with 99 interceptions.
Carr sparked the Raiders to their only two playoff berths over the past 20 seasons.
In 2016, Carr went 12-3 as a starter and secured the Raiders a playoff berth before suffering a broken ankle and missing the final regular-season game and a playoff loss at Houston.
In 2021, Carr directed Las Vegas to a 10-7 record and a playoff berth but the Raiders lost in his post-season debut at Cincinnati.
But this past season, Carr had his worst completion percentage since his rookie campaign, throwing for 3,522 yards with 24 touchdowns and matching a career high with 14 interceptions as the Raiders finished 6-11 with Carr benched for the campaign's final two contests.
