"For the past six weeks I thought I was retired," Palmer said during a news conference Tuesday. "Week 1 hit and I thought, I've got to look elsewhere and find what the next phase of my life might be. Then I got the text from Hue."
Palmer didn't come cheap for the Raiders. Oakland gave up a first-round pick next year and a second-round pick in 2013, which could become a first-rounder if the Raiders (4-2) go to the AFC Championship Game.
"As far as the draft picks, what we have to give up, I never hesitated because I know exactly what I'm getting," said Jackson, who coached Palmer at USC and was an assistant in Cincinnati. "I don't think you're ever mortgating the future when you put a big-time franchise quarterback on your team."
Oakland's need for a quarterback started Sunday when Jason Campbell's season ended with a broken collarbone.
Jackson left open the possibility that Palmer, who says he's been working out during the season, could start Sunday vs. the Chiefs.
Fantasy impact: Palmer is an upgrade over Campbell, but it might take a few weeks for Palmer to get back into football shape. He's worth picking up if you're hurting at quarterback or you had Campbell on your roster. The Radiers wide receivers - Jacoby Ford, Denarius Moore and Darius Heyward-Bey - all should get bumps from Palmer's arrival (it's better than having Kyle Boller throwing them the ball). RB Darren McFadden will also benefit from Palmer being under center. He was certain to face eight or nine man fronts with Boller at QB.