The Matt Flynn trade is now official, reports Jay Glazer, with the Raiders sending the Seahawks two picks, one in 2014 and one (conditional pick) in 2015. Both picks are in the 'later rounds'. UPDATE: The Seahawks announced the 2014 pick is a 5th rounder. The 2015 pick is still undisclosed and conditional upon Flynn's performance.
Raiders' GM Reggie McKenzie was in a tough spot with his malcontent incumbent starter, Carson Palmer, but he's managed to make something out of nothing, it appears. McKenzie and the Raiders will get Matt Flynn, with a restructured contract, for future picks, and will be sending Palmer to the Cardinals shortly for what's been reported as a 'late' round pick as well.
Seattle will add another pick to their 2014 draft but more importantly, will receive a much-needed boost in cap space over the next few years. Flynn was set to make $5.25M ($7.25M against the cap) in 2013 and $6.25 ($8.25M against the cap) in 2014, so with Flynn heading south, Seattle will only be on the hook for $4M in dead money related to his signing bonus. This additional $3.25M in cap savings this year (plus the $5.25M in cash) should help free up money for Seattle to extend some of their own guys - Golden Tate, Kam Chancellor, and Doug Baldwin are probably at the front of the list, but it's always possible Seattle could look to add another impact free agent on the open market over the next year or two.
As for Seattle's options at backup quarterback moving forward, Chris Mortensen is piggy backing on Jason La Canfora's report from last week that the Seahawks will look to free agent Tyler Thigpen. Past that, it seems more likely now that Seattle may look to the Draft for a backup quarterback option.