Last night the Oakland Raiders confirmed the internet reports claiming Richard Seymour and Michael Huff had restructured their current contracts. They also announced that Carson Palmer had done the same.
While there is no official word on the specific of Palmer’s restructured deal, PFT speculates that the incumbent QB could drop his 2012 salary to the 10-year veteran’s minimum of $925,000. If that’s the case his cap savings would be in the $7-million neighborhood for the Raiders with the balance of what he’s owed (a cool $11-million) being paid as a bonus spread out over the next three years.
Whatever the exact number it’s all music to Reggie McKenzie’s ears. Like the line producer of a blockbuster feature film McKenzie is in the entertaining on a budget business. Lost in all of the Al Davis-Hue Jackson Just win, now baby hoopla was a complete lack of concern for the future. All of these dealings are only a temporary Band-Aid. Expect much more of the same in the coming years as the Raiders will be forced to cross this same bridge again with the extended contracts of Seymour and Huff not to mention the multi-millions more that will paid to Palmer per his contract.
The Raiders aren’t even out of the woods yet.
There’s still plenty of work yet to do before they’re in cap compliance. The biggest domino yet to fall is the Kamerion Wimbley contract. That albatross is hanging around the next of the franchise, dragging the team payroll into the red with a heavy hand.
A decision on Wimbley will be due soon and as of now all signs would indicate that he’s going to hit the open market. His situation is nothing like those of Palmer, Huff and Seymour. All of those men are still going to get the money they’re owed, just not as soon as it was initially expected. Wimbley is going to have to take a pay cut given both his performance and the nature of his out-of-whack contract. The clock is ticking louder by the hour on that one and it is set to detonate at any point prior to March 13th.