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NFL free agency: Implications to possible contract restructuring for Carson Palmer, Calais Campbell

With free agency just about a week away, how else can the Cardinals create cap space?

Kyle Terada-USA TODAY Sports

The Arizona Cardinals are approximately $14.3 million dollars under the projected salary cap for the 2015 season. With free agency just a week a away, it gives them some room to go after some free agent targets.

Of course, the  might want more space, especially if they want to sign a top tier pass rusher or a speedy inside linebacker.

They have already cut Darnell Dockett and Ted Ginn. They redid Larry Fitzgerald's contract.

But where else could the make cap space?

There are contracts they could restructure.

A possibility would be Carson Palmer. He has a $9.5 million roster bonus coming. If that were turned into an option bonus, then only $2.375 million would count towards this year's salary cap, saving over $7.1 million in space. Of course, that would push more dead money down the line whenever the team and Palmer part ways, but it would give the Cardinals the ability to go all in this season.

Calais Campbell has a $14.75 million cap hit this year. They could do a restructure or try to extend his contract. A simple restructure could give him $8 million now and then $1 million in salary for the season (he is due to make $9 million salary in 2015). That would free up $4 million in cap space, but would push $4 million to 2016, pushing that cap number to over $19 million. However, chances are they would want to negotiate an extension next offseason anyway.

Of course, there is salary that could be saved still. Center Lyle Sendlein could be cut and that would save over $3 million in cap space. Tight end John Carlson could be cut and save another $1.6 million.

But they can free up some more space by shuffling money around in a couple of contracts, even though it would mean pushing money into future cap years.

Is it worth it, especially when the team is shooting for a Super Bowl this year?