Palmer has requested a trade, and put his home on the market in March. The original asking price on the home was $2.1 million.
The 31-year-old Palmer is scheduled to earn $11.5 million in 2011, but has threatened to retire if the Bengals do not accommodate his request. Teams have not been able to make any transactions during the lockout, but Bengals owner Mike Brown has stated on several occasions that he has no intentions of trading Palmer, who has four years and $53 million remaining on his contract.
As noted by Reedy, if Palmer is not traded and does not show up for training camp, the Bengals can place him on the “Reserve/Did Not Report” list and his $11.5 million salary cap hit would come off the books. With teams reportedly needing to spend 90-93 percent of the salary cap (by season’s end), that would actually hurt the Bengals, who have one of the league’s smallest payrolls headed into 2011.
The Bengals used a second round pick on TCU quarterback Andy Dalton.