The Cardinals have extended the contracts of Larry Fitzgerald and Carson Palmer, according to Adam Schefter of ESPN.com (on Twitter). The extensions will tie Arizona to Palmer through 2018 and will keep Fitzgerald in place through 2017. The team has confirmed both deals via press release. 
Palmer’s one-year is extension worth just under $24.35MM, a source tells Ian Rapoport of NFL.com (on Twitter). He also received a $6.75MM signing bonus.
Before today’s news, there was quite a bit of speculation about this being the final go ’round for both Palmer and Fitzgerald. Now, it sounds like the 36-year-old signal caller and the 32-year-old wide receiver intend to play for a little while longer.
Palmer signed a three year, $49.5MM contract extension with the Cards in November of 2014, giving him just over $14MM in full guarantees upon signing. That was a significant commitment at the time, but the quarterback market has risen sharply in the last 18 months or so. Prior to today’s agreement, Palmer was just No. 21 among quarterbacks in terms of average annual salary with a deal. With an additional year, his new agreement will take him through 2018 with a sizable pay bump.
Fitzgerald had something of a comeback season in 2015, catching 109 passes for more than 1,200 yards and nine touchdowns in his age-32 season. Recently, when asked about the possibility of an extension, Fitzgerald downplayed the importance of a new deal.
“Honestly, I have no idea,” Fitzgerald told Darren Urban of AZCardinals.com (Twitter link). “I really don’t look at it like that.”
“We’re just in OTAs right now, man,” added Fitzgerald, who is set to enter his 13th season with the Cardinals. “We’ve got training camp and minicamp and the regular season. We’ve got a long ways to go before that’s even a point of discussion. So I’m enjoying this. I’m trying to make it the best year yet.”
Fitzgerald was slated to hit the open market after earning an $11MM base salary in 2016. After agreeing to a contract restructure in February of 2016, the veteran has been rewarded with an additional contract year – one in which he’ll make another $11MM, per Rapoport (Twitter link).
Photos courtesy of USA Today Sports Images.