Hat tip to one of our newest members, ianbbc02, for beating me to the breaking news.
The drama is over and everyone is happy. Kurt Warner and the Arizona Cardinals have agreed on a two year contract, believed to be in the neighborhood of $23 million.
The exact terms of the deal are not yet known but the guaranteed money (which has been the problem area), is expected to be around $12 million. The deal includes a $15 million dollar signing bonus and base salaries of $4 million dollars each season. That means that KW will get $19 million in cash this season (although that won't all count against the cap).
We'll add more details as soon as they're known. For now though, it's time to dance in the streets.
Update: After looking at the contract and checking with some who knew the inner-workings of the salary cap well, we've got a better understanding of how Warner's contract could play out. First the cap hits both years will be $11.5 million but the actual money out of the Bildwells pockets will be $19 million this season and $4 million in 2010. Ok so how does that effect Leinart and his future?
The Cardinals could find themselves in an interesting situation next off season, especially if Warner is either ineffective or injured next season. If there's a cap in 2010 (which at this point there is not) and the Cardinals decided to cut Warner, they'd be on the hook for $7.5 million (bonus money), but the $4 million in salary wouldn't count against the cap. If there isn't a cap, then obviously the cap hit won't matter and the front office just has to decide if their willing to lose the $7.5 million in bonus money that they've already invested. The bottom line is that it's conceivable that they could sell the idea to Leinart that this is really a one year deal and it's his team after 2009. The club would have to eat some money, but it's not an exorbitant amount.