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McNabb gets five-year, $78M deal
On Monday, Donovan McNabb and Washington reached agreement on a five-year contract. On Tuesday, the deal's details became public, through a source at the NFL Players Association.
McNabb's five-year extension is worth $70 million and can get to $78.5 million if he is on the active roster for every game in those five seasons. The deal's maximum value is $88.5 million if McNabb leads his team to a Super Bowl victory every year.
But the real question is how much he'll actually earn and whether it will be in Washington.
One of the contract's most significant points is a payment due this offseason, when the Redskins must decide whether or not to pay McNabb a $10 million option bonus. If they do, it would trigger the rest of the contract and make Washington liable for McNabb's $2.5 million base salary in 2011.
So in essence, the Redskins paid McNabb $3.75 million in 2010 for the right to pay him $12.5 million in 2011 and control his rights. If the Redskins cut him after this season or trade him, they are only on the hook for the $3.75 million.
Boiled down, the deal's real guarantee is $3.5 million, though if McNabb suffered a catastrophic injury this season and never played again, he would receive $25 more million.
Here is how the rest of the full deal breaks down, according to an NFLPA source:
• 2010: $3.5 million signing bonus/$250,000 if active eight games
• 2011: $10 million option bonus/$2.5 million salary/$750,000 if active 16 games/$250,000 workout/$2 million possible playoff incentives
• 2012: $12.75 million salary/$750,000 if active 16 games/$250,000 workout/$2 million possible playoff incentives
• 2013: $13 million salary/$1.5 million if active 16 games/$250,000 workout/$2 million possible playoff incentives
• 2014: $13.75 million salary/$3 million if active 16 games/$250,000 workout/$2 million possible playoff incentives
• 2015: $13.55 million salary/$2.25 million if active 16 games/$250,000 workout/$2 million possible playoff incentives
Source: ESPN
McNabb's five-year extension is worth $70 million and can get to $78.5 million if he is on the active roster for every game in those five seasons. The deal's maximum value is $88.5 million if McNabb leads his team to a Super Bowl victory every year.
But the real question is how much he'll actually earn and whether it will be in Washington.
One of the contract's most significant points is a payment due this offseason, when the Redskins must decide whether or not to pay McNabb a $10 million option bonus. If they do, it would trigger the rest of the contract and make Washington liable for McNabb's $2.5 million base salary in 2011.
So in essence, the Redskins paid McNabb $3.75 million in 2010 for the right to pay him $12.5 million in 2011 and control his rights. If the Redskins cut him after this season or trade him, they are only on the hook for the $3.75 million.
Boiled down, the deal's real guarantee is $3.5 million, though if McNabb suffered a catastrophic injury this season and never played again, he would receive $25 more million.
Here is how the rest of the full deal breaks down, according to an NFLPA source:
• 2010: $3.5 million signing bonus/$250,000 if active eight games
• 2011: $10 million option bonus/$2.5 million salary/$750,000 if active 16 games/$250,000 workout/$2 million possible playoff incentives
• 2012: $12.75 million salary/$750,000 if active 16 games/$250,000 workout/$2 million possible playoff incentives
• 2013: $13 million salary/$1.5 million if active 16 games/$250,000 workout/$2 million possible playoff incentives
• 2014: $13.75 million salary/$3 million if active 16 games/$250,000 workout/$2 million possible playoff incentives
• 2015: $13.55 million salary/$2.25 million if active 16 games/$250,000 workout/$2 million possible playoff incentives
Source: ESPN