Last night the Oakland Raiders announced that QB Carson Palmer has agreed to restructured his current contract to free up even more cap space.
Palmer’s $12.5 million base salary has been reduced to $825,000 which is the league minimum. The remaining $11.675 million has been converted into a guaranteed roster bonus that will be paid upfront.
This is a win-win scenario for the Raiders and Palmer. ESPN’s John Clayton tweets that this move bring the Raiders to $5.6 million over the cap. Oakland has already restructured the contracts of Richard Seymour and Michael Huff but more moves will have to be made over the weekend and Kamerion Wimbley figures to released in the coming day.