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With the free-agent signing period drawing nearer (for those who have somehow missed it, the festivities officially crank up tonight at midnight eastern time), the Cardinals find themselves in a bit of a predicament. Or as Arizona Republic staffer Kent Somers framed it this morning: "It appears the Cardinals will enter the waters of free agency with a large anchor attached to their legs."

The anchor in question is Larry Fitzgerald, whose 2008 salary promises to restrict the Cardinals' movement in free agency -- unless he restructures. This after the star wideout's high-end production allowed him to hit accelerators in his contract that raise his salary to $14.6 million this year and $17.4 million in 2009.

Even with the cap at $116 million, that's way too much money for one player.

But that's not the worst part. ... As I write these words, all indications are the two sides aren't close to reaching a new agreement.

This despite a pretty darned reasonable offer from the Cardinals.

According to SportsLine.com insider Pete Prisco, the Cardinals have offered Fitzgerald $25 million in guaranteed money. That offer would make him the highest-paid receiver in the league as well as the highest-paid player in team history.

Prisco adds the deal, according to an unnamed team source, would make Fitzgerald the third highest-paid, non-quarterback in the league.

Still, Somers advised readers this morning the Cardinals and Fitzgerald remain at odds on both length of contract and value. The Cardinals' original offer was a six-year deal, while Fitzgerald's agent, Eugene Parker, prefers a four-year term.

Under Parker's deal, the fourth year included a huge salary, which would force the sides to return to the bargaining table after three years.

And Prisco notes that Fitzgerald is also asking for more than the $32.5 million in guarantees that Lions wideout Calvin Johnson got as a rookie last year. It should be noted that Johnson's guaranteed money was paid on a six-year deal.

As Somers pointed out, Fitzgerald is only 24, so a four-year deal would put him in line for another huge payday while still in his prime.

The Cardinals don't want to pay huge money and be in the same position three years from now, so they rejected Parker's offer, and it is believed that the sides are discussing a five-year deal.

Of course, Parker has considerable leverage in the deal, considering the Cardinals have made no secret of the fact Fitzgerald will remain in Arizona -- at least for this season -- whether he renegotiates or the club has to pay him the $14.6 million due.

General manager Rod Graves has said several times that the team can accommodate Fitzgerald's salary this year.

But there's no way the team will pay his 2009 salary of $17.4 million. According to Somers, the club would try to trade him, or cut him, before it paid that much. That money is not guaranteed, so Fitzgerald wouldn't receive it if he were to be cut or traded.

No team would trade for Fitzgerald unless it could get him to agree to a new contract.

The more immediate problem, however, becomes downright pressing tonight.

Under Fitzgerald's current pact, the Cardinals would not have the cap space to do much in free agency, Graves has said, and some of their current players might be faced with taking pay cuts or being released.

For example, they might not be able to re-sign linebacker Calvin Pace, a player they want back.

And while players tend to take an "it's just business" approach to the contracts of teammates, you have to wonder how this one will go over in the locker room. Especially when the Cards start asking those in the locker room to take something out of their pockets to help cover Fitzgerald-related shortfalls.

The Cardinals have made the point to Parker and Fitzgerald.

Head coach Ken Whisenhunt reportedly met with Fitzgerald recently and told him that the team's off-season plans hinged on the restructuring.

Meanwhile, Somers reports that Fitzgerald has said all the right things throughout the process. He loves playing in Arizona, he said, and wants to help the Cardinals win.

Somers went on to advise readers that Cardinals officials view the current negotiations as a test of Fitzgerald's sincerity. They aren't asking Fitzgerald to accept a deal below his market value, they have said, but a restructured one that would free them to search for help in free agency and to re-sign their own players.

It's a sticky situation for all involved.

Fitzgerald is young and popular and the Cardinals want to keep him, but at the same time they would love to keep their team together -- and maybe make it better. Shouldn't Fitzgerald realize that and adjust his approach accordingly?

Long-time Republic columnist Dan Bickley argues otherwise.

In a column published Wednesday, Bickley wrote: "Due to their sorry history, the Cardinals can't ask Fitzgerald to be a team guy and take less money. Only proven outfits that compete for Super Bowl titles get away with those kinds of passion plays.

"Organizations accused of locking the Gatorade cooler at night and charging for extra T-shirts don't stand a chance."

But the Cardinals aren't being cheap in this case. As Prisco wrote: "That's the old Cardinals. The new Cardinals have the revenue to give out lucrative contracts, and in this case they are more than willing to do so."

And that willingness will cost them down the road.

As Pro Football Weekly recently explained, if the team winds up giving into Fitzgerald's demands by making him the league's highest-paid receiver, it would likely make it next offseason -- at the earliest -- before the Cardinals could realistically think about new deals for Anquan Boldin and safety Adrian Wilson.

How would that make Boldin and Wilson feel heading into training camp?

And as Bickley wondered, how would Fitzgerald's status as the league's highest paid wideout effect negotiations with Boldin, who one could argue is worth just as much, when the time comes?

At the very least it would raise the financial bar significantly. ...

Whatever the case, most observers expect Parker will wise up to all this soon enough. Prisco, for example, believes Parker will let the Cardinals go into the new league year, which starts Feb. 29, and then work out a new contract.

He will make them sweat.

Unfortunately, that could cost the tam at a chance to sign one of their other stars -- like Pace, and it will almost certainly keep them from making a play to improve the roster when free agency when it begins tonight.

Is that really worth it to Fitzgerald? We shall see. ...

In a related note. ... Somers reports that Bryant Johnson likely will depart via free agency, leaving the team in need of a No. 3 receiver. While not giving up hope on Johnson returning, Whisenhunt knows he might have to look for Johnson's replacement.

"We do have guys who are with us now," the coach said, "whether it's Jerheme Urban, Ahmad Merritt, Jamaica Rector."

Urban is a restricted free agent, and the club will offer him a tender by the deadline at the end of the week. "He made progress with us, you don't want to lose that progress."

That's it for now. ... Those interested in following breaking news of interest should keep an eye on the News & Views section of this site. And I'll remind you to watch the Headline News section for more in-depth reviews of current events.