Note: Financial terms were just released. Two years at $6.25 million with another $1.87 million in incentives. That's pretty hefty money to pay a backup guy if you don't think he might win the starting job. 

Well it's official. Chris Mortensen is reporting via Twitter that Carr has put pen to paper and signed a contract with the 49ers. Financial details are not available but the word yesterday was somewhere around 2 years, $3-4 million.

I'm assuming that he's here as a backup, not to challenge Smith for the starter role but I guess we'll see what happens when training camp and pre-season role around.

Carr was picked number one overall back in 2002 and spent five years as a starter with the Texans. He spent one season with the Panthers as a backup, and the last two seasons have been with the New York Giants. As a starter his best year was in 2004 when he was 285/466 for  3,531 yards and a 61.2% completion rate with 16 TDs and 14 INTs.

Is this the first time that two former #1 picks have been on the same team?