The Misfit Posted December 29, 2005 Share Posted December 29, 2005 Just had to share, since it makes us Bengals fans pretty happy ... With CJ, Rudi and Housh all signed as well ... Palmer given six-year extension The Bengals now have their quarterback through 2014 and hope that the salary cap room created by Carson Palmer’s re-negotiated contract will open up salary cap space to re-sign the team’s offensive linemen. The club announced this afternoon that Palmer signed a contract extension. But while the Bengals initially called it a six-year extension, it is a new nine-year contract that replaces the remaining three years of Palmer’s original deal. Palmer will be paid $118.75 million over the next nine years. Athletes First, Palmer’s agency, is calling the deal the biggest in NFL history – bigger than those signed by quarterbacks Peyton Manning of the Colts (seven years, $98 million) and Michael Vick of the Falcons (nine years, $110 million). Under terms of the new deal, Palmer will be paid a $15 million roster bonus if he is on the roster Dec. 31. The bonus will be paid Feb. 16. Because the deal was completed before the end of the 2005 season, the Bengals can prorate the $15 million roster bonus over the next five years. Palmer will be paid a $9 million option bonus before Jan. 1, 2007. With a $6.75 million base salary, the contract’s value for 2006 alone is $30.75 million. The deal “flattens” out from 2007 through 2011 with base salaries of $7.25 million, $7.75 million, $9.5 million, $10.5 million and $11.5 million. Palmer’s salary cap number in 2007 will be a relatively manageable $7.25 million, which leaves space for new contracts for other players. With the ability to prorate the $15 million roster bonus over the next five years – or absorb Palmer’s roster bonus in its entirety in 2006 – the Bengals have room to re-sign their offensive linemen. Rookie deals for left tackle Levi Jones and left guard Eric Steinbach, as well as an extension for right tackle Willie Anderson, will expire after the 2006 season. Right guard Bobbie Williams’ three-year free agent contract will be up, as will center Rich Braham’s two-year contract. Braham is expected to retire after 2006. “That was my major concern, something that can help us out through the future,” Palmer said this afternoon. “Hopefully they can bring back Willie (Anderson), Levi (Jones) and the other guys.” The offensive line has had a great collective season. The Bengals have allowed just 20 sacks, second fewest in the NFL to Indianapolis’ 18. Palmer said the Bengals organization approached his agent, David Dunn, a couple of months ago with the desire to work out an extension. The deal was signed Wednesday night. Palmer’s original contract called for him to make a base salary of $3.75 million this season. He was supposed to have earned another $1.25 million because his top-5 passing performances triggered an escalator clause. The original seven-year, $49 million deal voided its final year to six years and $40 million. “I feel extremely honored and thrilled that they want me to be a part of this organization,” Palmer said. “We’re building a team for the future. We’re young. We know what we’ve got.” The Bengals have wide receivers Chad Johnson and T.J. Houshmandzadeh and running back Rudi Johnson signed to long-term contracts. The Bengals made Palmer the first overall pick of the 2003 draft. He had won the Heisman Trophy in 2002 at Southern California. “As a player and a person, Carson has met and gone beyond every expectation I had for him,” Lewis said. “I’m excited about the commitment the club has made to Carson and about Carson’s commitment to the organization and the city of Cincinnati.” Palmer said he and his wife “love living in Cincinnati.” Lewis would not say whether Palmer would play or start Sunday at Kansas City. Palmer has a minor groin injury suffered in the Buffalo game Saturday and has been listed as probable. The Chiefs could be out of the playoffs by game time Sunday if San Diego defeats Denver on Saturday at San Diego. Palmer received $10.01 million to sign his rookie deal and was paid a $4 million roster bonus in February 2005. The total value of the first three years was $18.25. Quote Link to comment Share on other sites More sharing options...
Hitman Posted December 29, 2005 Share Posted December 29, 2005 Wow. The Bengals have the next best QB to Manning right now IMO, and he could surpass Manning in the next couple of years. Exciting time to be a Bengals fan...that's for sure. Quote Link to comment Share on other sites More sharing options...
CaptainHook Posted December 29, 2005 Share Posted December 29, 2005 Prepare to be blasted by opposing fans who don't think the Bengals will be able to sign anyone to help him out. Palmer will be labeled greedy, selfish, blah, blah, blah, etc. Funny how when the Colts signed Corey Simon on the eve of the season this year, nobody says that about Peyton's contract anymore. . . Quote Link to comment Share on other sites More sharing options...
Skippy Posted December 29, 2005 Share Posted December 29, 2005 (edited) Palmer is a greedy, selfish, blah, blah, blah. This contract is so outrageous that he will cripple the Bengals from ever signing another decent player. Oh and really, I think this is a great move for the Bungholes. I actually do think it is too much money but what the hell do I know? They all make way too much money. The Bengals have locked up a great QB and did it at a time when it may help give him some extra motivation for the playoffs. Good move. It really is a good time for the yumyums to be a Bunghole fan. Edited December 29, 2005 by Skippy Quote Link to comment Share on other sites More sharing options...
whitem0nkey Posted December 29, 2005 Share Posted December 29, 2005 Congrads to Bengals fans. he is no rex grossman but...............I'm just kidding. Congratulations to Bengals fans. Quote Link to comment Share on other sites More sharing options...
Randall Posted December 29, 2005 Share Posted December 29, 2005 Palmer is a greedy, selfish, blah, blah, blah. This contract is so outrageous that he will cripple the Bengals from ever signing another decent player. Oh and really, I think this is a great move for the Bungholes. I actually do think it is too much money but what the hell do I know? They all make way too much money. The Bengals have locked up a great QB and did it at a time when it may help give him some extra motivation for the playoffs. Good move. It really is a good time for the yumyums to be a Bunghole fan. 1241156[/snapback] Yes it is and I hope he re-stryctures the deal when they need him to do so. Where's San Wyche? Quote Link to comment Share on other sites More sharing options...
Donutrun Jellies Posted December 29, 2005 Share Posted December 29, 2005 Congratulations to Bengals fans. 1241169[/snapback] Indeeed. It will be fun to watch the Palmer/Big Ben matches in the AFC North for years to come .... ... unless Palmer pulls a TO and gets offended at the very deal he signed, deciding that more money than anyone will ever need is insulting and refusing to live up to his end of the bargain ... Again, congrats, Bengals. Quote Link to comment Share on other sites More sharing options...
Bill Swerski Posted December 29, 2005 Share Posted December 29, 2005 Prepare to be blasted by opposing fans who don't think the Bengals will be able to sign anyone to help him out. Palmer will be labeled greedy, selfish, blah, blah, blah, etc. Funny how when the Colts signed Corey Simon on the eve of the season this year, nobody says that about Peyton's contract anymore. . . 1241139[/snapback] Good for Palmer and good for Bengals fans. They both deserved it. Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted December 29, 2005 Share Posted December 29, 2005 Prepare to be blasted by opposing fans who don't think the Bengals will be able to sign anyone to help him out. Palmer will be labeled greedy, selfish, blah, blah, blah, etc. Funny how when the Colts signed Corey Simon on the eve of the season this year, nobody says that about Peyton's contract anymore. . . 1241139[/snapback] No, Palmer's family doesn't think it is bigger than the game. Quote Link to comment Share on other sites More sharing options...
Skilly Posted December 29, 2005 Share Posted December 29, 2005 Hear that "popping" sound? That's the sound of the Bengals front office finally pulling their collective heads out of their a$$es and doing something right. Good job. This franchise is back on track. Um, Mr. Bidwell? Are you taking notes? Quote Link to comment Share on other sites More sharing options...
ebartender Posted December 29, 2005 Share Posted December 29, 2005 Prepare to be blasted by opposing fans who don't think the Bengals will be able to sign anyone to help him out. Palmer will be labeled greedy, selfish, blah, blah, blah, etc. Funny how when the Colts signed Corey Simon on the eve of the season this year, nobody says that about Peyton's contract anymore. . . 1241139[/snapback] How has Simon played this year? I haven't really paid attention to him. I was kind of glad to see the Eagles not pay him top DT money because he never really lived up to that status. In hindsight he could have probably helped the Eagles D-line since they were killed without any depth. I always thought he was a solid player, but not worth the money he wanted. Quote Link to comment Share on other sites More sharing options...
CaptainHook Posted December 30, 2005 Share Posted December 30, 2005 How has Simon played this year? I haven't really paid attention to him. I was kind of glad to see the Eagles not pay him top DT money because he never really lived up to that status. In hindsight he could have probably helped the Eagles D-line since they were killed without any depth. I always thought he was a solid player, but not worth the money he wanted. 1241300[/snapback] Simon has been a HUGH upgrade to the defense. He keeps offensive linemen off linebackers. He stops teams from trying QB sneaks for fist downs. Let me put it this way, since he left the Jags game in the second half with a sprained foot (he hasn't played since) the Jags scored 2 TD's and made the game close, the Colts lost to the Chargers, and lost to the 'Hawks. He has been a FANTASTIC upgrade. And he only plays second and third downs. He's been awesome. Quote Link to comment Share on other sites More sharing options...
CaptainHook Posted December 30, 2005 Share Posted December 30, 2005 No, Palmer's family doesn't think it is bigger than the game. 1241203[/snapback] The criticism of Peyton's contract came before what happened with Eli. And blaming any part of that decision on Peyton is certainly a stretch. Quote Link to comment Share on other sites More sharing options...
Menudo Posted December 30, 2005 Share Posted December 30, 2005 Great move by the Bengals organization. Palmer is an awesome QB. Congrats. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted December 30, 2005 Share Posted December 30, 2005 I was initially shocked by this deal in what seemed to me to be early in Palmer's contract. But everything I've read now says that it was done not only with locking up Palmer long term. It also enables them to move around in the cap to keep some other key personelle like LT Levi Jones and LG Eric Steinbach. Those two should be the next great left side tandem the league will talk about - like Walter Jones/ Steve Hutchinson in Seattle. Thier contracts as well as a few other key guys are up in 2 years. Its a great move. Some quotes from Bengals.com: Future is now By GEOFF HOBSON December 29, 2005 Posted: 10:40 p.m. Palmer: Hopes to end his career in Cincinnati. (Bengals photo) The critics used to say they were a soap opera pre-empting football. But on Thursday at least one Cincinnati television station interrupted a noon soap for a special report that the no-nonsense Bengals had locked up their Pro Bowl quarterback all the way through 2014 in a staggering commitment to the future. In the select company of the two biggest quarterback contracts on the market in Peyton Manning’s seven-year, $98 million deal and Michael Vick’s nine-year, $110 million contract, Palmer reportedly gets about $97 million of new money over the last six years of the deal. The annual salaries range from $6.75 million next year to $14 million with a $1 million roster bonus in ’14. The mind-blowing numbers match the stats of his first Pro Bowl season in which Palmer has broken the Bengals record for touchdown passes with 32, tied the NFL record with 11 games of a 100 passer rating, and led the Bengals to their most wins since Boomer Esiason led them to a dozen in his MVP season of 1988. Then, like now, Bengals president Mike Brown tore up the contract of his franchise quarterback and made him one of the richest players in the game. If the numbers are so radically different, the philosophy isn’t for a franchise founded by an offensive innovator and steered by an ex-college quarterback. A major piece of the puzzle is locked in. “I’m definitely flattered and excited,” Palmer said. “I’m more excited about what’s going on right now. I’m more excited about getting past the Chiefs and moving on forward from that. I don’t want it to seem like this isn’t a big deal to me. This is a huge deal and I’m very grateful to the Brown family and the organization. But there’s bigger and better things going on than this deal.” The Bengals, led by executive vice president Katie Blackburn, the club’s capologist, approached Dunn and his firm Athletes First several weeks ago to take advantage of a window they saw slipping away if they wanted to get a huge quarterback deal done anytime soon. And Palmer was on the same page if it didn’t do damage to keeping key players and if he didn’t have to be told until it was close so he could concentrate on football. “My main concern going through this process was that it’s something that can help us out in the future; something that can help us keep building the team,” said Palmer, with his pass-protecting tackles in mind. “And hopefully, we can keep those guys around. Hopefully Willie (Anderson) and Levi (Jones) and some of those guys up front want to stick around for a while and be here in the future.” Locking up long term Two key accounting changes taking place in 2006 apparently made this deal daunting in the future. Bonuses can only be pro-rated over four years and annual salaries can’t escalate more than 30 percent. Plus, Friday at 4 p.m. is the deadline when 2005 cap space can be used. With the Bengals having about $3-$4 million to spare under the ’05 cap (thanks largely to the release of Peter Warrick), it’s believed the Bengals used it all up with the Dec. 31 roster bonus payable in February that can be pro-rated over five years instead of four. The front office has been just as hot as the team on the field. Of the team's last three major core signings in the past nine months, running back Rudi Johnson is 15 yards away from breaking his own rushing record, wide receiver T.J. Houshmandzadeh is 73 yards from 1,000, and Palmer is about to become the first Bengal to finish the season with a 100 passer rating. Lewis and Palmer didn’t like the timing of the announcement with the finale three days away and the first playoff game ever at Paul Brown Stadium nine or 10 days away. But the Bengals had no choice with the end-of-year deadlines, and it was better than two weeks ago during their drive for the AFC North title. “It couldn’t have happened to a better guy than Carson,” RT Willie Anderson said. “It really is a great day. They saw a guy who worked hard and is now probably going to work even harder. They put his stamp on this team and that’s the right thing to do. Now hopefully they can keep these guys around him.” “It was done, I think, very smoothly and concluded pretty quickly. As I said, Carson does not change,” Lewis said. “That’s been the best part of Carson Palmer from the time I first met him through all the times previous, to all the times spent with him prior to the draft, to us telling him he was going to be our choice while he was here on his visit. The way he has handled himself, his family, his representation -- everything has been just great. And I think that helps us with our football team, how they handle themselves, how he handles himself. As I said in a statement, his commitment to the organization and to the city, it’s huge. He feels good about it, his wife, his family.” “Keeping me, and keeping Rudi and T.J. and Chad, knowing that we’re all going to be here a long time,” Palmer said. “We know we can build around this core group of guys.” In the end, it depends how you look at it. And the way Palmer looks at it, he’ll end up wearing nothing but stripes. “I hope so. That was what I wanted as soon as I got here and saw what this city’s about, what these fans are like, and what this organization’s about,” Palmer said. “It’s so rare to see one person play a five-, eight-, 10-, 12-year career in one place. And I feel very fortunate that that it looks like that’s going to be my future.” But he wants some company. Free agents after 2005 (Starters in bold): CB Rashad Bauman, QB Jon Kitna, FB Nick Luchey, SS Anthony Mitchell, LB Hannibal Navies, SS Ifeanyi Ohalete, DL Carl Powell, TE Matt Schobel, TE Tony Stewart, RB Kenny Watson, LB Nate Webster, LB Marcus Wilkins. Free agents after 2006 (Starters in bold): RT Willie Anderson, C Rich Braham, DE Duane Clemons, CB Tory James, LT Levi Jones, FS Kevin Kaesviharn, TE Reggie Kelly, C Larry Moore, DE Justin Smith, LG Eric Steinbach, RG Bobbie Williams. Quote Link to comment Share on other sites More sharing options...
kcmast Posted December 30, 2005 Share Posted December 30, 2005 That organization has really put itself together. Do you want to trade entire teams with the Packers? Quote Link to comment Share on other sites More sharing options...
CaptainHook Posted December 30, 2005 Share Posted December 30, 2005 I was initially shocked by this deal in what seemed to me to be early in Palmer's contract. But everything I've read now says that it was done not only with locking up Palmer long term. It also enables them to move around in the cap to keep some other key personelle like LT Levi Jones and LG Eric Steinbach. Those two should be the next great left side tandem the league will talk about - like Walter Jones/ Steve Hutchinson in Seattle. Thier contracts as well as a few other key guys are up in 2 years. Its a great move. Some quotes from Bengals.com: 1241655[/snapback] I'm sure the Bengals also learned a great deal from the mistake the Colts made in not extending Peyton's deal. In the last year of his rookie contract, Manning was named the MVP. Oops! Now the Colts had to nuke the bank instead of just breaking it. Quote Link to comment Share on other sites More sharing options...
Menudo Posted December 30, 2005 Share Posted December 30, 2005 I'm sure the Bengals also learned a great deal from the mistake the Colts made in not extending Peyton's deal. In the last year of his rookie contract, Manning was named the MVP. Oops! Now the Colts had to nuke the bank instead of just breaking it. 1241822[/snapback] Good point. Really good QB's are hind to find. When you know you've got a winner, lock him up as soon as you can. Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted December 30, 2005 Share Posted December 30, 2005 The criticism of Peyton's contract came before what happened with Eli. And blaming any part of that decision on Peyton is certainly a stretch. 1241502[/snapback] I think it is called a trend. Quote Link to comment Share on other sites More sharing options...
CaptainHook Posted December 30, 2005 Share Posted December 30, 2005 I think it is called a trend. 1241962[/snapback] I think it's called being bitter because you have to root for Drew Bledsoe. Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted December 30, 2005 Share Posted December 30, 2005 I think it's called being bitter because you have to root for Drew Bledsoe. 1242022[/snapback] He's been pretty good this year. Quote Link to comment Share on other sites More sharing options...
CaptainHook Posted December 30, 2005 Share Posted December 30, 2005 He's been pretty good this year. 1242025[/snapback] Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted December 30, 2005 Share Posted December 30, 2005 (edited) I thought that really long-term contracts were not in the best interest of the players, since the player in question rarely will play through the entire length of it, therefore not getting paid the full worth of the contract. Is that correct? So, while the big numbers look very impressive up front, this contract is really a win for the Bengals organization. It sounds like Palmer is fine with that though, given that the way his contract is written will allow the team to play with their cap and sign additional key talent. So, Palmer really could have gotten a better deal on a shorter term contract, but classily agreed to this deal in order to do what is best for the team. Have I got that right? Either way, a big Congrats to Palmer and the Bengals... I am very jealous of your QB... classy, young, talented guy. Edited December 30, 2005 by Savage Beatings Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.