Fletcher Smith, the agent for Eagles quarterback Donovan McNabb, confirmed this morning an ESPN.com report that said McNabb will receive $5.3 million in new money from the two-year restructuring the Eagles worked with his client Thursday night. That means the final two years of McNabb's contract is now worth $24.5 million with a good portion of that guaranteed.
Smith said the deal makes McNabb one of the three or four highest paid quarterbacks in the NFL. He also said he believed the sides would have worked out an extension a few years ago if it had not been for a series of injuries that prematurely ended McNabb's 2005 and 2006 seasons.
Eagles president Joe Banner said the two sides almost immediately started talking about a two-year restucture rather than an extension when conversations started with a meeting in late February.
"It was appropriate to make some adjustments so that he was rewarded commensurate with the way he plays," Banner said. "At the risk of saying something very counterintuitive, it was the fair thing to do. We do try to be fair with the guys. In this situation, we felt if we didn't make an adjustment in light of where he was at in the timing of the contract, it wouldn't be fair. That motivated us. He obviously had similar motivations and it worked out."