Source: New Raider Palmer took $5M pay cut

Updated: October 21, 2011, 2:06 AM ET

Quarterback Carson Palmer restructured his contract and took a $5 million pay cut this season to go to the Raiders, according to an NFLPA source.

First time out

Carson Palmer had mixed results in his first college and NFL career starts. He led USC to a win over Washington in 1998. But the Bengals lost at the Jets in his debut in 2004.

First start with team

	1998 USC	2004 Bengals
Result	W, 33-10	L, 31-24
Comp-att	18-31	18-27
Pass yds	279	248
TD-Int	1-0	2-1

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Under his old contract, Palmer was set to make $11.5 million. Prorated over the final 11 games, he would have made $7.44 million. The Raiders will pay him $2.5 million for the remainder of this season.

They did guarantee $5 million of his $12.5 million salary next season, but nobody thought the Raiders would have parted ways with him when they surrendered two draft picks to the Bengals.

Palmer is scheduled to make $12.5 million next season, $13 million in 2013 and $15 million in 2014. But Palmer will make $5 million less this season.

The Raiders acquired Palmer from the Bengals Tuesday for a 2012 first-round pick and a second-rounder in 2013 that could become a first-round selection if the Raiders make it to the AFC title game this season.

A source said Palmer is expected to start Sunday's game against the Kansas City Chiefs.

Adam Schefter is ESPN's NFL Insider.

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