As the Raiders continue to chop away at a cap surplus as high as $25 million, they’ve taken another chunk out of their excess.
The team has announced that quarterback Carson Palmer restructured his contract.
NFLPA records do not yet reveal any reduction in Palmer’s base salary of $12.5 million. Since Palmer’s contract runs through 2014, he could create as much as $7.71 million in cap space by dropping his salary to the 10-year league minimum of $925,000 and converting the rest into a signing bonus.
The difference ($11.575 million) would be spread equally over the next three seasons, with $3.85 million applying this year, next year, and in 2014.
It’s also possible that Palmer simply took less money. If it was a “simple” restructuring, with Palmer pocketing $11.575 million now, it’s likely that the Raiders will remain committed to him for at least the next two seasons.
The Raiders also announced that defensive lineman Richard Seymour and safety Michael Huff restructured their contract.