OWINGS MILLS — The Baltimore Ravens’ major investment in new quarterback Steve McNair carries a maximum value of $32 million over the course of his five-year contract, according to NFL Players Association documents. However, the three-time Pro Bowl selection’s financial package is actually built to act as a three-year agreement that will pay him a total of $20 million.
McNair, 33, is slated to receive an $11 million roster bonus on Sept. 1 of this year in lieu of a formal signing bonus. He will be paid a base salary of $1 million.
McNair’s base salaries elevate significantly beginning in 2009 when he’s scheduled to be paid $6 million. He’s due another $6 million in 2010 when his contract concludes.
McNair is due a $1 million option bonus next spring. His base salary for 2007 is $3 million and he’s to be paid a $4 million base salary in 2008.
McNair’s salary-cap figure for this season is a manageable $3.2 million, much less than the $23.46 million he counted against the Tennessee Titans’ books prior to being traded to Baltimore on Thursday for a fourth-round draft pick in next year’s draft. He still counts over $14 million against the Titans’ salary cap this year, a reduction of $9 million.
Because of the prorated portion of McNair’s bonus and his increased base salaries over the next few years, his salary-cap figures will count for $5.45 million in 2007 and $6.45 million in 2008. In 2009 and 2010, McNair’s salary-cap figures would account for $8.45 million each year.