I think (emphesis on think) his contracts details that he be signed before the FA period starts. The FA period starts in early March I think (emphesis on think).
My belief is that Mr. McNair is waiting to do so because he wants his new coaching staff to evaluate Carr, QB talent in the draft, and QB talent in the FA market. Then he'll and the new GM (if that dream comes true) will decide if we take the 2 year option or the 3 year option or none at all.
I'm sure we'll pick it up but if it's the 2 year option, expect us to either aquire a QB via FA, via trade, or via draft. Carr will be the starter of course to start camp but his job will not be ecthed in stone like the previous 4 years. He'll have some talented competition with a real shot of taking his job away