Raiders quarterback Carson Palmer has restructured his contract, saving Oakland about $9 million on the cap, according to a league source.
The Raiders flipped his $12.5 million base salary in 2012 to an $11.68 million roster bonus, which prorates like a signing bonus, to go along with an $825,000 base salary. They agreed to the change on Thursday.
It was a good deal for both sides, as Palmer previously had only $5 million fully guaranteed in 2012. He essentially now has $12.5 million guaranteed.
The Raiders also released veteran cornerback Chris Johnson, according to a league source. Releasing Johnson, who started 29 games during his five seasons in Oakland, clears out additional salary-cap space for the Raiders.
The Raiders already had released their other starting cornerback, Stanford Routt, who signed with Kansas City.
Saints guard Jahri Evans also restructured his contract, saving the Saints about $2 million on the cap, league sources said.