Report: Cardinals, Larry Fitzgerald closing in on multiyear deal

The Arizona Cardinals and wide receiver Larry Fitzgerald are closing in on a multiyear contract extension that will likely see the eight-time Pro Bowler finish his career with the team, ESPN's Adam Schefter reports.

Something had to give and it appears the two parties see things the same way. Fitzgerald's cap hit in 2015 is a whopping $23 million - a untenable number for an elite receiver, let alone one with declining skills. The three remaining seasons on his deal, each at more than $14 million, are equally unjustifiable. 

According to Josh Alper of Pro Football Talk, the new deal for Fitzgerald will guarantee him $11 million per year over the next two seasons and save the Cardinals nearly $13 million in cap space. In other words, Fitzgerald agreed to a significant reduction in pay.

Since joining the team in 2004, Fitzgerald has shattered all the Cardinals' notable receiving records. At the league level, he stands 21st all-time in receiving yards.