Fitzgerald will make $11 million next year with Palmer taking in another $15.5 million.
Before Friday, both players had their respective base salaries guaranteed for injury only at the time of signing, but their salaries are now locked in for the 2017 season.
After taking some time to weigh retirement, both Fitzgerald and Palmer elected to return for the for the 2017 season and attempt to make another run at a Super Bowl.
Some have said that both players are likely to walk away next with, possibly along with HC Bruce Arians,. so that will be something to monitor next year.
Fitzgerald, 33, agreed to renegotiate his seven-year $113 million contract and signed a two-year, $22 million deal with Arizona that was fully guaranteed included a no-trade clause last year. Arizona gave him another one-year, $11 million extension before last season that keeps him under contract through 2017.
In 2016, Fitzgerald has appeared in all 16 games for the Cardinals and caught 107 passes for 1023 yards receiving and six touchdowns. Pro Football Focus has him rated as the No. 10 receiver out of 115 qualifying players.
Palmer, 37, was in the third year of his four-year, $58.5 million contract and set to make a base salary of $6.35 million for the 2016 season when the Cardinals signed him to a one-year extension worth $24.35 million before the start of the season.
In 2016, Palmer has appeared in 15 games and thrown for 4,233 yards while completing 61 percent of his passes to go along with 26 touchdowns and 14 interceptions. Pro Football Focus has him rated as the No. 17 quarterback out of 34 qualifying players.