Arizona Cardinals quarterback Carson Palmer signed a new contract extension on Friday. He then tore his ACL on Sunday and will be out the rest of the season.
Palmer said he hopes to be back with the Cardinals for next season, understanding the business of the NFL.
The numbers are in and they all but guarantee Palmer will be back in Arizona for 2015.
It was NFL reporter Albert Breer who tweeted out the numbers on Monday.
The deal is a three-year extension worth $49.5 million, although it might be technically a four-year extension worth $66 million.
One report by Joel Corry says Palmer's deal actually is written through 2018, but like the deal he originally signed with the Cardinals, that contract year voids after the Super Bowl. We'll look at the salary cap implications for both scenarios.
Breer reported this:
Palmer has already been paid $10 million -- $6.5 million was called a signing bonus and $3.5 million was called a roster bonus.
The $6.5 million is what affects the cap, stretched out over the life of the deal. The $3.5 affects only this season and the Cardinals had room, as they were $11.1 million under the cap.
In 2015, he is guaranteed $10.5 million for injury. His base salary is $1 million. Since he will not be healthy when the roster bonus is due, the team can't cut him and save any money. He'll be back next year.
After that, the contract is year-to-year. The team will have to make a decision each February.
In 2016, he is due a total of $12.7 million -- a $6.35 million roster bonus in the offseason and a $6.35 million salary.
In 2017, the total is $16.3 million -- a $8.15 million roster bonus and $8.15 million salary.
If the 2018 year is correct, it would be a $16.5 million salary that will never get paid.
Salary cap numbers
Let's assume the 2018 year doesn't exist.
2014: $3.5 million roster bonus, $1.625M signing bonus proration. $5.225 is added to this year's cap.
2015: There is a $2 million cap hit from his last contract that remains. He will count $14.125 million against the cap next season, including the prorated part of the bonus in his last contract. If he were to be cut, It would create $15.375 million in dead money.
2016: His salary cap hit would be $14.325 million. If cut before his roster bonus is due, the team would carry $3.25 million in dead money
2017: His salary cap hit would be $17.925 million. If cut, there would be $1.625 million in dead money.
Now let's see what things look like if that fifth year does exist, as Joel Corry insists. According to him, the signing bonus will be prorated over five seasons and the roster bonus he just got, too, as it was an deal done during the season.
2014: He got his $10 million dollars, but the cap hit is $700,000 prorated from his $3.5 million roster bonus and the signing bonus part is $1.3 million. That means $2 million is added to this year's cap.
2015: With the $10.5 million in combined salary and roster bonus, plus the $2 million carryover from his last contract and the $2 million prorated total from his moneys this year, he counts $14.5 million towards next year's cap. If cut, he would count $20.5 million in dead money ($10.5 million guaranteed, $2 million carryover, $2 million prorated amount for 2015 and $6 million remaining prorated amounts accelerated to 2015.
He'll be around in 2015.
2016: His salary cap hit would be $14.7 million. However, if cut before the roster bonus is due, then his deal would cause $6 million in dead money.
2017: His salary cap hit would be $18.3 million if he were to stay on the roster. If cut, his contract would cause $4 million in dead money
2018: This year will never happen, but it will have a $2 million cap hit.