The Oakland Raiders finalized a trade on Tuesday that sent quarterback Carson Palmer to the Arizona Cardinals and included an exchange of draft picks.
The Raiders will receive a sixth-round draft pick in 2013 and a conditional 2014 pick that is contingent on Palmer's playing time. The Cardinals will get a seventh-round selection in this month's draft.
Palmer's new deal with the Cardinals is worth $16 million for two years, with $10 million guaranteed. He could earn $20 million if certain incentives are reached.
The 33-year-old Palmer apparently met with the Cardinals on Monday night after earlier reports that a potential deal hit a snag. He had refused the Raiders' request to accept a pay cut from the $13 million he was owed in 2013.
A Palmer trade was anticipated after the Raiders acquired quarterback Matt Flynn from Seattle on Monday.
"I talked to Carson -- I guess it was probably Saturday, over the weekend -- and kind of explained where we were at, what the process was," Raiders coach Dennis Allen said. "I think he and his representation totally understand where we're at.
"I think, at the end of the day, when we looked at it both from his standpoint and from our standpoint, we just realized that it was time for us to move on and move forward. We felt like Matt Flynn gave us a great option."
The acquisition of Palmer will give new Arizona coach Bruce Arians a veteran presence at an unstable position. The Cardinals signed quarterback Drew Stanton, who played for Arians with the Colts last season, after releasing John Skelton and Kevin Kolb.
Palmer was effective in 2011 in his first year as the Raiders starter, passing for 4,018 yards with 22 touchdowns and 14 interceptions in 15 games, but the team struggled in his two seasons.
"We'd like to thank Carson Palmer for his services over the past two seasons," Raiders general manager Reggie McKenzie said, "and we wish him well with the Cardinals."