According to Adam Schefter of ESPN.com, the deal occurred on Tuesday:
Although Palmer is an upgrade under center for the Cardinals, he still won't take Arizona back to the postseason.
For one, the Cardinals don't provide the offensive line or running game to establish a strong passing attack. Even with the addition of a stud offensive lineman in the 2013 NFL draft, it will take time to develop better control up front.
The Cardinals saw their quarterbacks get bashed throughout 2012: 58 sacks were given up and they only mustered a 55.4 completion percentage.
Secondly, the NFC West remains overloaded with tough defensive fronts. The San Francisco 49ers, Seattle Seahawks and St. Louis Rams will apply quarterback pressure, tight man-to-man coverage and stuff the run against Arizona.
As a result, even more will be asked from Palmer to produce.
Clark Judge of CBS Sports put Palmer in perspective for Arizona on Monday:
The general consensus is that Arizona is the fourth-best team in a division loaded at the top, with San Francisco and Seattle among the NFC's best and St. Louis slowly closing the gap on them. I don't expect Palmer to work miracles and turn the Cards into an overnight playoff contender, but the question I have is: Can you win with the guy? I mean, all things being equal, is this a quarterback who has something left to offer?
In Oakland he was backed by a sound rushing attack, despite the carousel of ball-carriers between Darren McFadden, Michael Bush, Marcel Reece and Mike Goodson. Palmer also saw inflated numbers in 2012 because the Raiders struggled to move the ball early on.
On the year Palmer racked up 4,018 passing yards but 2,099 came after the catch. That's 52 percent of his total getting added after all the completions.
Factor in Palmer's age (33) and it becomes obvious that Arizona needs a younger quarterback capable of launching downfield to Larry Fitzgerald and Michael Floyd. Include the presence of Andre Roberts, the potential of tight end Rob Housler and the Cardinals have a sound receiving corps in place.
They just have to put a signal-caller at the helm to deliver better pre-snap reads and attack defenses in Cover 1 and 2. Although the 2013 draft isn't incredibly deep at the quarterback position, Palmer's time has passed and a rookie in Round 2 or 3 offers a more prominent future.