Cardinals Sign Carson Palmer To Three-Year Extension Worth $50M

Update:

Mark Dalton, the Cardinals VP of media relations officially announced that they’ve signed QB Carson Palmer to a three-year extension.

Official: @AZCardinals announce 3-year contract extension w QB Carson Palmer pic.twitter.com/pZxjr51mTU

— MarkDalton (@CardsMarkD) November 7, 2014

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Ian Rapoport of the NFL Network is reporting that the Cardinals are finalizing a contract extension for veteran QB Carson Palmer.

• Jason La Canfora of CBS Sports reports that Palmer will receive a three-year deal worth over $50 million in total.
• Chris Mortensen reports that Palmer will receive $20.5 million guarantees, but this sum will be paid out by the end of 2015.
• Mortensen adds that there will be no guarantees in either 2016 or 2017.
• As for base salaries, Mortensen mentions that Palmer will receive something in the range of $15.9 – $16.6 million.

At roughly $16.667 million per year, assuming the $50 million figure is accurate, Palmer would be in between Alex Smith and Andy Dalton, who signed extensions earlier in the year.

Mike Florio of Pro Football Talk mentioned earlier in the day that “signs currently are pointing to” the Cardinals signing Palmer to a contract extension at some point in the very near future.

Palmer, 34, is technically in the second year of his three-year, $26 million contract that included $10 million guaranteed and will make a base salary of $8 million for the 2014 season. However, the final year of his current deal would have voided if he is on the Cardinals’ roster five days after this year’s Super Bowl, so he was essentially in the final year of his contract.

During his first year with the Cardinals, Palmer threw for 4,274 yards while completing 63.3 percent of his passes to go along with 24 touchdowns and 22 interceptions.

This year, however, Palmer was hampered by nerve issue in his shoulder, but has still thrown for 1,385 yards while completing 61.7 percent of his passes to go along with 11 touchdowns and just two interceptions over the course of five games