OT: Bengals sign Carson Palmer to 9-year extension

[pats1]

http://sports.espn.go.com/nfl/news/story?id=2274314

Updated: Dec. 29, 2005, 1:10 PM ET
Bengals QB Palmer signs extension through 2014

CINCINNATI -- The Cincinnati Bengals gave quarterback Carson Palmer a six-year contract extension Thursday through 2014, aiming to bring long-term success to a franchise finally having its breakthrough season.

Palmer, who won the Heisman Trophy at Southern California in 2003, was under contract through 2008. The extension gives the Bengals more salary cap flexibility for next season because his bonuses will be spread out over more years.

It also sends a message that the Bengals are serious about winning for years to come.

"We've knocked down another one of those walls," coach Marvin Lewis said.

The Bengals (11-4) have won the AFC North for their first playoff appearance since 1990. They finish the regular season in Kansas City on Sunday, then will host a first-round playoff game.

Palmer and Lewis have been the main factors in Cincinnati's turnaround. The Bengals went 14 seasons without a winning record, one of the longest slumps in NFL history.

In only his second season as a starter, Palmer has broken the franchise mark for touchdowns and made the Pro Bowl. The Bengals are the only team in the NFL to return all 11 offensive starters this season.

Palmer hopes his extension convinces some of his teammates to stay as well. Pro Bowl receiver Chad Johnson has talked about staying in Cincinnati long term to set records with Palmer.

"The future's very exciting," Palmer said. "The Bengals are doing a phenomenal job of building a team for the future."

Great. Now we won't have the Bengals bothering us in 3-4 years!

 

[maverick4]

re:

Palmer looks like he'll have a good career, but I don't understand why teams sign 9 and 10 year contracts. Anything could happen between the end of that contract (injuries, bad blood between people). Plus, it takes away the motivation of the player to work hard all the time. Look at how the Pats dealth with Brady - they locked him up for 6 years, but before that they were much shorter deals.

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[Fanfrom1960]

Palmer looks like he'll have a good career, but I don't understand why teams sign 9 and 10 year contracts. Anything could happen between the end of that contract (injuries, bad blood between people). Plus, it takes away the motivation of the player to work hard all the time. Look at how the Pats dealth with Brady - they locked him up for 6 years, but before that they were much shorter deals.

.

What you said, and add Donovan McNabb. It's been all down hill for him since the Eagles locked him up for life. Not his fault, but...

 

[PatsWickedPissah]

Maybe the deal is cap friendly. Palmer is the real deal. He has the arm, pocket presence, the ability to read Ds and knows his offense so well that he checks down just like Brady. Cinn & Seattle have the most Brady like QBs.

 

[BelichickFan]

Those silly Bengals, signing one of the best QB in the league for the rest of his career

Unless it's for absurd money it seems like a good move to me. I'm happy we have Brady locked up for years to come. QB has good longevity compared to some other positions, the Bengals are unlikely to regret this unless he has some terrible elbow injury.

 

[italian pat patriot]

i like Carson Palmer a lot and i think he will have a good career in Cincinnati.

 

[dryheat44]

My guess is it's a tiered contract, much like Bledsoe's 10 year deal here.

 

[dhamz]

There is a zero percent chance it is a real 9 year deal. There are probably anywhere between 3 and 5 years tacked on the end to make Palmer's agent be able to brag about the big number but that both sides know will never be paid out in the way structured in the contract.

This is a no brainer for Cincy. The guy is probably the #3 QB in the league, he's young, and it sends a message to Marvin Lewis and all the players that the organization is committed to winning which is a big deal in that locker room.

 

[mtbykr]

Well

If i were a bengals fan i would be happy. I think that he is the "real deal" and he also has a work ethic like TB's. He also has his head in the right place. You look around the league and all you see is teams searching for a QB with "those qualities"-well i think palmer has them, and the bengals were smart to lock him up and be able to build around him.

 

[maverick4]

re:

No question Palmer is a top 5 quarterback right now, and probably for the rest of his career. It's good for the Bengals to sign him long term. Still, I don't think it's smart to lock any player in for 10 years.

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[nukin]

their entire offense is good, not just palmer... although palmer is one of the great qb's of today

 

[pats1]

The 6 new years worth of contract are worth...



$98 mil.

 

[Willie55]

No question Palmer is a top 5 quarterback right now, and probably for the rest of his career. It's good for the Bengals to sign him long term. Still, I don't think it's smart to lock any player in for 10 years.

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NFL contracts are not like MLB contracts. Players can be cut/traded w/out penalty other than the signing bonus. Look at Bledsoe. The Pats signed him to a 10 year/100 million dollar contract and he was gone a couple years later.

 

[mtbykr]

Well

While I agree it's a good signing, i just saw that it's 6 years at $98 million. That's a lot of jack to throw at one guy, and may hurt them in their cap down the road. I would be interested to see how it works out for each season!

 

[mtbykr]

Ya

NFL contracts are not like MLB contracts. Players can be cut/traded w/out penalty other than the signing bonus. Look at Bledsoe. The Pats signed him to a 10 year/100 million dollar contract and he was gone a couple years later.

Excellant point---i forgot to mention that!

 

[maverick4]

re:

NFL contracts are not like MLB contracts. Players can be cut/traded w/out penalty other than the signing bonus. Look at Bledsoe. The Pats signed him to a 10 year/100 million dollar contract and he was gone a couple years later.

I know this. But in the NFL, where every cap dollar is extremely important, why sign a player to a 10 year deal? If you cut the player before the deal is over, you could end up taking a huge cap hit, depending on how you spread the bonus out. Also, if you need to renegotiate during the middle of the deal to ease the cap hit, the player has all the leverage and more bargaining power.

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[njpatsfan]

More financial data points:

http://www.usatoday.com/sports/football/nfl/2005-12-29-Palmer_x.htm?POE=SPOISVA

The club will pay Palmer a signing bonus, and the contact adds onto the initial $49 million rookie deal he signed April 26, 2003. The last year of the original contract was voided, which reduced the value of the contract to six years, $40 million.

..

Palmer's original contract called for him to make a base salary of $3.75 million this season. He will earn an additional $1.25 million because his top-5 passing performances triggered an escalator clause.

Palmer's original deal also called for $1.5 million roster bonuses to be paid in April 2006 and April 2007.


http://cincinnati.bizjournals.com/cincinnati/stories/2005/12/26/daily18.html

The deal, called the biggest in NFL history by some, gives Carson $118 million over nine years.

Palmer will get $30 million over the next 13 months in a contract that offers more salary cap flexibility through option bonuses, roster bonus and salary.
...

Friday at 4 p.m. is the deadline for using salary cap room for the 2005 season.

The Bengals figured to have used all of their reserve of $3 million-to-$4 million, and can use 2005 as a pro-ration year for roster and other bonuses reducing the cap hit of each year.



R

 

[Miguel]

1.) As it stands right now, the size of Carson Palmer's contract will not matter after the 2006 season because the lack of a CBA extension means that there will be no cap starting in 2007.
2.) As it stands right now, Carson Palmer could be released by the Bengals after the 2009 season without them making a dead money hit because his 2005 signing bonus can only be prorated over 5 years.

 

[Miguel]

Can someone please explain to me how Palmer having $10.5 million cap hit in 2010;$11.5 million in 2011;$12.5 million in 2012;14 million in 2013, $15 million in 2014 means that the Bengals will not be able to compete for a Super Bowl but Brady having a $14 million cap hit in 2006 and 2008 leaves the Patriots in a position to compete for a Super Bowl??

If there is a cap, there is no doubt in my mind that $15 million in 2014 will be taking a smaller percentage of it than $14 million in 2006.

It just seems to me that criticism of Palmer's contract is wishful thinking or the application of a double standard. IMO, if Palmer's contract is bad, then Brady's must also be. And I do not think that Brady's contract is bad.