Carson Palmer signs 3-year, $50 million extension

The deal guarantees Palmer $20.5 million through 2015, according to ESPN’s Chris Mortensen. The Cardinals could opt out of the deal in 2016 without owing money, a protection against the 34-year-old’s age and recent injury issues.

Palmer was technically under contract through 2015, but the deal was set to be voided if he was on the roster five days after this year’s Super Bowl. The previous contract had him earning $9 million in 2014 plus a $1 million roster bonus.

Palmer has helped the Cardinals to an NFL-best 7-1 record despite being sidelined for three games with nerve damage in his shoulder. He returned in Week 6 and has led Arizona to four consecutive wins, throwing at least 240 yards and two touchdowns in each one. Palmer has thrown for 1,385 yards, 11 touchdowns and two picks through five total games this season.

“Carson has played at an incredibly high level and has been a huge part of the team’s success,” Cardinals general manager Steve Keim said in a statement. “When you combine his on-field performance with the leadership, stability and professionalism he brings to our team, there was no question that we wanted to extend the relationship and we are excited he felt the same way.”