Programming note: Watch Matt Schaub's introductory press conference with the Raiders STREAMING LIVE at 3 p.m.
UPDATE (1:45 p.m. on Friday) -- The Raiders officially announced they have acquired Matt Schaub from the Houston Texans in exchange for a 2014 draft pick.
Multiple NFL sources confirmed to CSN Bay Area Friday morning that the Raiders will trade for Houston quarterback Matt Schaub. The transaction is pending a physical.
Multiple national reports indicate it will be a sixth-round pick in this year's draft.
It’s a bold move made possible by caverns of salary cap space. Schaub will earn a $10 million base salary in 2014, with a $14.5 million cap hit on a contract that runs through 2016. Few teams were capable or willing on such salary, especially considering the Texans planned to release Schaub for cap relief.
With $27.024 million in cap space as of Friday morning, general manager Reggie McKenzie pulled the trigger without fear.
Schaub could’ve been acquired far cheaper on the open market, but the Raiders eliminated competition on the open market by acquiring him in trade. The Cleveland Browns reportedly wanted Schaub and they too have money to spare.
In doing so, they got their man. While the Raiders considered all free-agent veteran quarterbacks, the team preferred Schaub above all others. Free agent Josh Freeman was also heavily considered, but the Texans passer was seen to be the smart choice.
Schaub has been a consistent producer until last season, when a terrible stretch got him benched. He had 10 touchdowns and 14 interceptions, including four returned for touchdowns in consecutive games.
The 32-year old has been exceeded 4,000 passing yards in three of the previous four seasons. He’s also completed 64 percent of his passes with an 89.8 passer rating in 10 seasons.
Schaub is expected to be a stopgap solution while the Raiders groom a young quarterback of the future. The Raiders hope he brings stability to the position and the offense by proving last season an aberration.