- Josh Weinfuss, ESPN Arizona Cardinals reporter
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As of Friday afternoon, Palmer and the Cardinals had restructured Palmer’s deal, which was extended in November, to free up about $7.125 million in cap space, according to ESPN Stats & Information. Palmer’s $9.5 million roster bonus was converted to a signing bonus. His $1 million base salary will remain the same for 2015 and is fully guaranteed. Arizona didn’t add new money or more years.
The move lowered Palmer’s cap number from $14.5 million to $7.375 million.
Arizona will now have $21.1 million in cap space, as of Friday afternoon.
At time of Palmer’s comments Thursday, his restructure hadn’t been posted to the NFL Players Association’s website, but Palmer had agreed last month to restructuring his contract if Arizona needed the extra cap space.
With the legal negotiating period scheduled to start Saturday, Palmer gave the Cardinals enough cap space to work with to be major players in free agency.
The Cardinals will be $21.1 million under the salary cap when free agency begins.