The deal was initially reported as a three-year extension worth over $50 million in total and includes $20.5 million guaranteed. Unfortunately, for Palmer and the Cardinals, he went down with a season-ending ACL injury just days after signing the agreement.
According to Florio, Palmer is well protected in this contract as he’ll still receive $20.5 million if he’s unable to play out the 2015 due to his knee injury.
Here’s some simple information pertaining to Palmer’s contract:
- 2014: $4.235 million base salary (fully-guaranteed), $6.5 million signing bonus, $3.5 million roster bonus.
- 2015: $1 million base salary, $9.5 million due on fifth day of the league year.
- 2016: $6.5 million base salary, $6.5 million roster bonus.
- 2017: $8.15 million base salary.
Palmer’s cap figures will be:
- 2014: $13 million
- 2015: $14.5 million
- 2016: $14.7 million
- 2017: $10.15 million
Florio adds that Palmer’s contract includes a “phony final season” which consists of a $16.5 million base salary and a roster bonus of $8.15 million. However, this year voids if Palmer is on the Cardinals’ roster as of the fifth day of the 2018 waiver period. Arizona will take a cap hit of $2 million in 2018.
The Cardinals will have to make an annual decision regarding Palmer’s future with the team in the days after the Super Bowl as his contract will trigger fully guarantees.
Palmer, 34, finished the completing 62.9 percent of his passes for 1,626 yards to go along with 11 touchdowns and three interceptions over the course of six games.