The Arizona Cardinals have signed quarterback Carson Palmer to a three year extension, according to multiple reports. The deal is reportedly worth as much as $50 million total. Jason LaCanfora tweeted that a "significant chunk" of the money comes due in 2015, and the contract is guaranteed through 2015. It sounds to me like this will be the equivalent of a 1-year extension with a pair of option years.
I bring this up here given the division rival nature. The Cardinals are playing some great football, and Palmer has been one of the reasons. He missed three games with a shoulder injury, but has come back strong. The big key for Palmer thus far has been limiting turnovers. He has thrown two interceptions and one fumble in five games. His lowest interception total in a full season was 14 in 2012 with the Oakland Raiders. That has been critical to the Cardinals 7-1 start.
The big question as the Cardinals move forward is Palmer's health. He seems to be fine after the shoulder issue, but given that he turns 35 later this season, his health will be something to track. I don't know the full details yet, but based on LaCanfora's tweets, the Cardinals likely are protected. I doubt Palmer plays out this contract, but given how he has played recently, maybe he turns into a 3-year option for the Cardinals.