Update: Fitzgerald's new contract will guarantee him $11 million in each of the next two seasons while also freeing up $13 million in salary cap space for 2015.
After all the rumors and speculation, is Arizona Cardinals wide receiver Larry Fitzgerald staying put? It seems so.
ESPN's Adam Schefter reports that Fitzgerald and the Cardinals are expected to finalize a new, multiyear contract extension for the veteran wide receiver. Fitzgerald, one of the most popular players in Cardinals history, is still under contract with Arizona through the 2018 season. However, the 31-year-old was set to count a whopping $23.6 million against the salary cap in 2015. That just wasn't happening. This new extension will likely lower Fitzgerald's cap hit significantly over the next few seasons.
Fitzgerald is coming off a disappointing season in which poor quarterback play did not help his cause. He caught just 63 passes for 784 yards and two touchdowns. That's a far cry from the 93 receptions and 1,296 yards Fitzgerald averaged from 2007 to 2011. Still, the Cardinals value Fitzgerald both on and off the field and each side wanted to figure out a way to continue this working relationship.
This move not only allows Fitzgerald to presumably finish out his career in Arizona, but it also helps the team's prospects in free agency. Arizona was slated to be above the 2015 salary cap with virtually no money for free agents this offseason. Restructuring Fitzgerald's deal will hopefully give the team some much needed breathing room.
We'll report the specific figures of the new deal once they become available.
