While at Fresno State, he wore number 4 as a homage to his favorite NFL player, Brett Favre. Carr's number was retired by Fresno State during halftime of a game against Incarnate Word in 2017. On July 14, 2019, Carr received a mural at his former college, Fresno State University.
On June 22, 2017, Carr signed a five-year, $125 million contract extension with $40 million fully guaranteed, $70 million in total guarantees and a $12.5 million signing bonus. This deal surpassed Indianapolis Colts quarterback Andrew Luck's contract as the league's highest paid player in terms of average money per year. Carr himself was surpassed that August by Detroit Lions quarterback Matthew Stafford's $27 million annual contract.
On September 10, 2017, in the season opener against the Tennessee Titans, Carr finished the 26–16 victory 22-of-32 for 262 yards and two touchdowns. In Week 2, against the New York Jets, he was 23-of-28 passing for 230 yards and three touchdowns in a 45–20 victory. During Thursday Night Football against the Kansas City Chiefs in Week 7, Carr finished with a season-high 417 passing yards and three touchdowns. The Raiders won 31–30 on a game-winning two-yard pass from Carr to wide receiver Michael Crabtree on an untimed down that resulted from a defensive holding penalty on the previous play as time expired. During Week 15 against the Dallas Cowboys, Carr finished with 171 passing yards and 2 touchdowns. However, in the closing seconds of the fourth quarter, Carr fumbled close to the endzone, resulting in a touchback, and the Raiders lost 20–17. On New Year's Eve, in the regular season finale against the Los Angeles Chargers, he threw a career-high 87-yard touchdown pass to wide receiver Amari Cooper in the 30–10 loss. Overall, in the 2017 season, the Raiders finished with a 6–10 record and missed the playoffs. Carr finished with 3,496 passing yards, 22 touchdowns, and 13 interceptions. On January 22, 2018, he was named to his third straight Pro Bowl as a replacement for the Super Bowl-bound Tom Brady. Carr was ranked 60th by his fellow players on the NFL Top 100 Players of 2018.