Report: Palmer saves Raiders 9.34 million

Carson Palmer's restructured contract, announced by Oakland Thursday evening, actually saved the Raiders 9.34 million against the salary cap, according to Scout.com. And, combined with the savings created from the restructuring of contracts belonging to defensive tackle Richard Seymour and free safety Michael Huff, the Raiders have slashed 21.16 million from their 2012 salary cap figure.Per the report, Palmer, the No. 1 pick of the 2003 draft, had his base salary for 2012 reduced from 12.5 million to the nine-year veteran minimum of 825,000. Palmer's contract was also extended a pair of voidable years to 2015 and 2016 to distribute the remaining 11.675 million as a roster bonus and spread out the cap hit -- 2.335 million in proration each year -- over five years.As such, Palmer has a new salary cap number of 3.16 million, rather than 12.5 million, for 2012.
Palmer, acquired in an Oct. 18 trade from Cincinnati for a first-round pick in 2012 and a conditional first-round pick in 2013, had his deal "renegotiated" a day later, and the quarterback played the 2011 season on a base salary of 3.863.636 million.Originally due base salaries of 13 million in 2013 and 15 million in 2014, Palmer is now due, thanks to the quick relief restructuring, base salaries of 15.335 million in 2013 and 17.335 million in 2014, with the voidable years of 2015 and 2016 garnering him base salaries of 17.335 million each.Still, the Raiders seem to have set themselves up nicely to get in cap compliance by Tuesday's 1 p.m. PT deadline. The salary cap has yet to be announced, though it is thought to be near last year's figure of 120.375 million.Last week, the Raiders were some 22 million above the capif it remained the same as last year. Not counting the approximate 6.2 million franchise tag they slapped on Tyvon Branch -- no doubt Oakland would prefer to work out a more cap-friendly long-term deal with the strong safety -- the Raiders are just about there, though there is still work to be done.Particularly when it comes to linebacker Kamerion Wimbley, who reportedly already has 6.5 million of his 11-million base salary for 2012 guaranteed with the remaining 4.5 million guaranteed come March 17 if he is still on the roster on that date, as well as his entire 11 million base salary for 2013 and 2 million of his 10 million salary for 2014.Wimbley's agent Joe Linta confirmed to CSNCalifornia.com Thursday he had not spoken to the Raiders in "several days." The Raiders cutting Wimbley before March 17 would save them between 1.9 million and 4.5 million for 2012 cap purposes, depending on prorations, 17.5 million going forward.Other potential cuts include defensive tackle John Henderson (4 million), cornerback Chris Johnson (3.5 million), right guard Cooper Carlisle (2.7 million) and safety Hiram Eugene (2.45 million).More restructuring by linebacker Aaron Curry (5.757.5 million) and defensive tackle Tommy Kelly (3.125.73) could also save cap space. The Raiders, though, would have to extend Curry, who is entering the finale year of his contract.