The deal to bring Matt Flynn to the Raiders in a trade was reported last Saturday as being agreed upon. The reason it wasn't finalized was the Raiders were speaking with Carson Palmer one last time to give him a final opportunity to lower his contract to stay and speak with Flynn about restructuring his contract.
At the time, I mentioned that the first (or only) of the two quarterbacks who agreed to restructure his contract would be get the job. The details are now coming out, and Flynn did indeed come through with a restructure. But, there's an odd detail to it all - His 2013 cap hit actually went UP in the restructure.
Flynn was due $5.25 million per his contract when the Raiders signed him. With his restructure, the Raiders save in the long run but his 2013 salary jumps up to $6.5 million. The other kicker is that money is all guaranteed. So, if you were wondering if Flynn was going to make the team, the answer is yes.
If the Raiders get the trade done to send Palmer to Arizona, he will leave behind over $9.34 million in dead money. That plus Flynn's $6.5 million cap hit end up being more than the $15.335 million cap hit with Palmer still on the roster. It is a small increase of $505,000 but it certainly isn't the cap savings the Raiders needed.
After these moves are complete, the Raiders will sit at about $7 million under the cap.
The real savings comes off next season's cap. The Raiders would have been saving off of next year's cap anyway without Palmer's scheduled $17 million cap hit in 2014. Matt Flynn's contract was going to be $6.25 million - a $12 million savings over Palmer - and now it will drop to $5 million.
The 2013 cap may not be great but 2014 is shaping up to have a grip of cash to spend.