ESPN's Michael Smith (@mrmichael_smith) just Tweeted that the Redskins have signed Donovan McNabb to a five year, $78 million extension, with $40 million guaranteed.

Filed to ESPN: From the bench to the bank: #Redskins and Donovan McNabb have agreed to five year extension, worth 78 million, 40 guaranteed.

McNabb, #Redskins deal cld b worth up to 88 mil with incentives. GM Allen was serious when he told McNabb n AZ during bye Skins wanted him.

What's that, Scoob?  That's the most ridiculous contract you've ever heard of?

This makes Jeff Carter's $58 million seem like a bargain (which it may turn out to be).  $40 million guaranteed for a guy whose career appears to be winding down?

I…I… can someone make sense of this in the comments?

One thing is for sure, this just reset the market for Michael Vick.