McNabb guarantee is nowhere near $40 million

Well done ESPN.

On Monday, ESPN’s Michael Smith reported that McNabb and the Redskins agreed to a 5 year, $78 million contract with $40 million guaranteed.

Oops.

Now, Adam Schefter of ESPN reports that McNabb’s deal includes only $3.5 million in guaranteed money.

McNabb can get another $10 million in the form of a 2011 option bonus, if the Redskins opt to pay it.  If the team that decided to bench McNabb for Rex Grossman only 15 days ago decides after Week 17 that Donovan isn’t the long-term answer, McNabb will be traded or cut.

Beyond that, McNabb has non-guaranteed base salaries of $2.5 million in 2011, $12.75 million in 2012, $13 million in 2013, $13.75 million in 2014, and $13.55 million in 2015.  The total base salaries for No. 5 over five years?  $55.55 million.

He can also earn roster bonuses of $250,000 in 2010, $750,000 in 2011, $750,000 in 2012, $1.5 million in 2013, $3 million in 2014, and $2.25 million in 2015 if he’s on the active roster for each game in each year.  That’s another $8.5 million.  To get to that number, however, McNabb has to not miss a single game due to injury in five years.