OAKLAND, CA (FOX19) - Sources are telling ESPN's Adam Schefter that Carson Palmer took a $5 million pay cut to play for the Oakland Raiders.
Under his old contract with the Bengals, Palmer was set to make $11.5 million, or $7.44 million prorated over the last 11 games.
The Raiders are paying $2.5 million for the remainder of this season.
The Raiders guaranteed $5 million of his $12.5 million salary next season. Palmer is scheduled to make $13 million in 2013 and $15 million in 2014.
Palmer was traded to the Raiders on Tuesday for a 2012 first round pick and a second round pick in 2013.