They have 9M in cap space before they sign Brees and Hill and quite a few UFA they need to sign including Thomas, Apple, Klein and Bell among others and their draft class. They will be releasing poor performers just to try and resign the guys they want to keep and their draft class. There is only so much they can do and keeping Brees and Teddy at market value is not one of them. Teddy has to go. BTW Dropping Manning to roll the dice on a rook? Some roll of the dice. Luck the best QB prospect to come out since Elway versus an older Manning and his injury history.. Some roll.
Just for the record - I think this would be a horrible deal and I would feel extremely disappointed by it.
I would much rather sign Rivers for 2 years and draft a QB or the best prospect at 13(we might actually get a blue chip type of prospect at 13 this year) than give it up for Carr. It's not really close for me.