According to Jurecki, as long as Arizona doesn’t increase his salary, they can rework his contract.
Jason Fitzgerald of the OverTheCap.com mentions that if the Cardinals are in fact willing to restructure Palmer’s contract, it’s likely a sign that they are going “all in” on creating cap space this offseason.
Fitzgerald adds that Arizona will have to move quickly to get this move done seeing as Palmer has offseason roster bonus coming his way.
According OTC’s cap calculator, the Cardinals could free up $7.624 in cap space by redoing this contract.
Palmer, 35, signed a four-year, $58.5 million contract that included $14.235 million guaranteed with the Cardinals back in November of last year, which was just days before he sustained a season-ending ACL injury.
He has base salaries of $1 million (2015), $6.35 million (2016), and $8.15 million (2017) coming his way over the next three years. However, the deal also includes sizable roster bonuses as well.
In 2014, Palmer threw for 1,626 yards while completing 62.9 percent of his passes to go along with 11 touchdowns and just three interceptions.