Phillips is contract has no signing bonus or guaranteed money. He has a $1 million roster bonus that he'll get 1/16th of every week he is on the team and $850k in base salary. Adam Caplan reports that he could earn another million if he reaches certain incentives.
According to reports, the Giants did make Phillips an offer in an attempt to keep him from hitting the free agent market. But when you look at how little he signed for, you have to wonder whether the Giants offered even less or whether it was some sort of "take it or leave" deal that he left.
When healthy, Phillips has been a very good player. But as we've said, that health hasn't come often enough. However, for no guaranteed money and a max of $1.85 mil if he does play... That's a risk worth taking.