Carson Palmer contract extension: Arizona Cardinals sign veteran QB to 3-year extension

The Arizona Cardinals announced they have signed veteran QB Carson Palmer to a contract extension that will keep the veteran in the desert for another three seasons.

According to Jason La Canfora, the deal will be worth as much as $50 million.

Palmer was set to become a free agent after this season, as the three-year contract he agreed to when he was traded from the Oakland Raiders had language that made the final year void if he was on the roster five days after the upcoming Super Bowl.

Palmer has led the Cardinals to a 7-1 start in 2014 and has thrown 11 touchdowns with only two interceptions. He missed three starts earlier with a nerve issue. Arizona is 5-0 when he starts.

Palmer will turn 35 at the end of December, which means his new deal will take him through his 38th birthday.

Of course, the guaranteed money is yet unknown and it is very possible this contract's third year could be like the third year of the deal he started the season on.

La Canfora speculates there are protections against injury for Arizona and it could, like other QB deals this year, have elements of a "pay as you go" setup.

Arizona is currently $11.1 million under the salary cap right now and a portion of that could be used to offset the cap hit in the seasons to come.

Head coach Bruce Arians said in training camp he believed Palmer could play two or three more seasons at a high level.

Palmer threw for over 4000 yards in 2013, 24 scores and was intercepted 22 times. However, after throwing eight touchdowns and 13 picks in his first seven games with the Cardinals, he has thrown 27 TDs and has been picked off only 11 times in 14 games. After a 3-4 record in those games, the Cardinals have gone 12-2 when he starts since then.

Update:

Adam Schefter is reporting the contract is guaranteed only through 2015, which would have been the final year of his original deal, were it not set to void.

Chris Mortensen is reporting there is $20.5 million in guaranteed money through next season. Nothing for 2016, 2017.