Patrick Peterson and Cardinals Agree on New Contract: Latest Details, Reaction

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Patrick Peterson and Cardinals Agree on New Contract: Latest Details, Reaction
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Updates from Wednesday, July 30

Patrick Peterson talked about what his goals are now that he has secured a new contract via Darren Urban of AZCardinals.com:

Adam Green of ArizonaSports.com provides more comments from Peterson:

I'm getting a lot of money this year -- well, throughout the five-year extension, but I feel normal," he told Bickley and Marotta on Arizona Sports 98.7 FM Wednesday. "I guess it hasn't been, I haven't had my reality check just yet."

"I am a leader, I am a captain of this Arizona Cardinals football team," he said. "I want to be recognized not only as a businessman -- obviously I am a businessman and it is all about getting the money when you can -- but I want to win, I want to win championships. I haven't been to the playoffs since I've been here, we haven't, as an organization, we haven't been to the playoffs in the last five years.

"So those are the goals that I'm setting not only for myself, but for my team. So I don't want to be the distraction for my team when we have something going great here, I don't want to be holding out or be unhappy because I didn't get paid.

Original Text

The Arizona Cardinals have reached an agreement with cornerback Patrick Peterson on a long-term contract extension. 

Peterson himself broke the news on Twitter with the contract details: 

The team confirmed the news:

The long-discussed contract for the Pro Bowler came to fruition Tuesday night when Peterson agreed to a five-year extension that puts him in a Cardinal uniform through the 2020 season. 

The news came following the team’s final practice and media availability of the day. A press conference for Peterson will be held Wednesday after the team's morning walkthrough.

AZCentral.com's Kent Somers adds a note about the guaranteed money:

Mike Florio of Pro Football Talk breaks down the deal:

Peterson tweeted late Wednesday that he has signed a five-year, $70 million extension with $48 million guaranteed. (It’s actually $70.05 million over five, a small difference but also an important one.) Per a source with knowledge of the contract, only $47.3 million is guaranteed. Like most contracts of this magnitude, most of the money is guaranteed for injury only, for now.

The best guaranteed money in any NFL contract comes from the signing bonus. According to the source, Peterson gets $15.3 million from the Cardinals.

Then, by the fifth day of the 2015 waiver period (which comes the week after Super Bowl XLIX), a total of $27.8 million will have become fully guaranteed, for skill, injury, and cap.

By the fifth day of the 2016 waiver period, $42.619 million becomes fully guaranteed. By the fifth day of the 2017 waiver period, the rest of the $47.3 million becomes fully guaranteed.

Yahoo! Sports' Rand Getlin has more:

Bleacher Report's Matt Miller offers his take:

The Cardinals selected Peterson with the fifth overall pick in 2011. The LSU product quickly developed into one of the best defensive backs in the league while also showing off his versatility as an elite punt returner, scoring four touchdowns on special teams as a rookie.

In turn, Peterson wanted to get rewarded for his high-end success, and rightfully so. Players can't afford to let some of their peak seasons pass without a new deal, because in a hard-hitting sport like football, it's always unclear how long that production will last.

Word of an extension for the talented corner started to heat up shortly after Richard Sherman received a $57 million deal from the Seattle Seahawks early in May.

ESPN.com provided remarks from Peterson, who said he believed he was more valuable than Sherman and also went to bat for all corners:

I think cornerbacks are definitely worth the dollars that they get because now this league is a passing league. You need that shutdown corner to lock down one side of the field, or like myself, go out there the entire field.

Peterson has appeared in all 48 games over his first three seasons. He has racked up 161 combined tackles with 12 interceptions and eight fumble recoveries. His overall performance is that of a lockdown corner, which is extremely valuable in today's game.

The NFL on ESPN points out only two players have more interceptions than him since 2011:

What makes Peterson unique is that he hasn't just played great defense and made an impact on special teams. He has even made appearances on the offensive side of the ball, showing he's willing and able to help his team win in any way possible.

It sounds like that across-the-board production will be coming to an end, though. AZCardinals.com's Darren Urban reported that Cardinals head coach Bruce Arians was planning to take away some of those other responsibilities:

From the standpoint of keeping Peterson healthy, it makes sense. Yet, by taking away some of the versatility that made him special, the Cardinals are limiting his number of opportunities to change the complexion of games.

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Ultimately, the contract extension should benefit both sides. The Cardinals keep Peterson happy and ensure one of the game's top corners stays for a while. Meanwhile, Peterson gets rewarded for his terrific play with a big contract.

At just 24 years old, Peterson should still have several big seasons ahead. He could still be in line for another big contract down the line, which is the advantage of signing an early extension.

The Cardinals need him to continue his upward trend while trying to contend in the league's toughest division. Not only do they have to deal with the reigning-champion Seahawks, but they also are up against the equally dangerous San Francisco 49ers and a St. Louis Rams team on the rise.

Peterson proved worth the top-five draft pick for the Cardinals. The front office hopes he'll be worth his lucrative new contract for years to come. 

 

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