McNabb signs NFL's richest contract ever

Here's the article from the Philadelphia Inquirer:

The Eagles star agrees to the NFL's richest contract ever
By Phil Sheridan
Inquirer Staff Writer

Donovan McNabb just became the highest-paid player in National Football League history.

The Eagles and their 25-year-old franchise quarterback yesterday completed negotiations on a 12-year, $115 million contract that includes more than $20 million in guaranteed bonus money, according to sources familiar with the deal.

The contract, negotiated by Eagles president Joe Banner and agent Fletcher Smith of Chicago, took several weeks to work out. Several components of the complex deal had to be approved by the NFL office.

Banner, Smith and McNabb could not be reached for comment last night.

A complete breakdown of the contract was not available yesterday, but the total figure and the guaranteed bonus money are the highest totals in NFL history. The contract, which the Eagles can void at any time, begins this season and makes McNabb an Eagle through the 2013 season, when he will be 37. The deal includes clauses that can void the final three years of the contract, so McNabb will be under contract at the very least until he is 34.

The team is expected to announce the deal today.

McNabb, who was named the National Football Conference offensive player of the week for his performance Sunday against the Dallas Cowboys, was in the fourth year of a seven-year contract. That deal was signed in August 1999, months after McNabb became the second player taken in the NFL draft.

Under that deal, McNabb received a signing bonus of $11.3 million - until now the highest ever paid by the Eagles. He was scheduled to make $3 million in salary this year, but his annual salary was scheduled to explode to $6.2 million in 2003, $7.5 million in 2004 and $8.2 million in 2005. In addition, McNabb could have added millions more in bonus money.

No other NFL team has negotiated such a long-term deal with a player who has had that much time remaining on his contract, which demonstrates both the team's desire to keep McNabb and the quarterback's desire to remain in Philadelphia for his entire career.

It is believed the Eagles used up much of their available 2002 salary-cap space - they had about $5.5 million before the contract was signed - to give McNabb a portion of his guaranteed money in the form of salary. That would make the deal more cap-friendly in future seasons.