"Donovan has played a large part of this team's success over the last 10 years," said Eagles chairman Jeffrey Lurie. "He has been a professional in every sense of the word."
"We are thrilled that this all worked out," said Eagles president Joe Banner. "He is a great football player, a great person, and someone who gives back to the community. We are lucky to have him in Philadelphia."
McNabb was set to make nearly $10 million in each of the next two seasons, but virtually all of the money was in base salary and therefore was not guaranteed. The Eagles could have cut McNabb at any time with virtually no cap penalty. While the Eagles did not release the terms of the deal, there's a pretty good chance that most of that money they were due to pay him anyway will be guaranteed and I'm sure he'll get a little salary bump as well.
The deal will give McNabb added security for the next two years and it gives the Eagles a happy QB... Assuming McNabb stays healthy and continues to play well over the next two years, the Eagles will simply be paying virtually the same money they would have anyway.
At the moment, it seems like a win-win deal for both parties.
McNabb, who has stayed silent through the team's OTAs, will meet the media tommorrow morning.