Full Look at the McNabb Deal

That's a great overview of the deal with all of the minute details.
Rather than give McNabb an extension, they decided to increase his income for the next two years by about $5 Million dollars. His new deal is worth a total of $24.2 Million with approximately $1 Million in incentives categorized as "not likely to be earned."

Extension vs. Pay Raise
Super Bowl or Bust
Garry Cobb does a good job explaining it but it's a pretty simple concept: McNabb has two years to get to the Super Bowl and win or his future in this city will remain hazy.

Here's the press conference regarding the Pay raise
The Eagles are saying that the reason for the Raise vs. Extension is the uncertainty regarding the CBA (for fans who don't know what that means ). I personally don't believe any of that, everyone seems fairly confident that the owners and the NFLPA (NFL Players Association) will come to an agreement but it is a political way of dancing around their lack of an extension.

"Financial Apology"
Rich Hoffman and several others like him are calling it a financial apology:

You wonder if Andy Reid knew it would cost the team that much when he benched McNabb that day in Baltimore.
Because that's what this is -- flowers, candy and $6.3 million all wrapped up in a pretty bow. It isn't an apology, not exactly, but it is an acknowledgment that the relationship changed on the day when Reid had quarterbacks coach Pat Shurmur tell a terribly-struggling McNabb to sit down at halftime against the Baltimore Ravens. McNabb was personally offended and could not hide the fact.

Iggles Blog has picked up something that Reuben Frank said that I had never seen before.

Donovan McNabb's contract was a fossil, a relic from another era.

Before he signed his restructured deal on Friday morning, McNabb's contract dated back to 2002, which made him - according to NFL Players Association documents - the only active NFL quarterback with a contract that predated 2005.

And only four quarterbacks have deals that go back that far - Carson Palmer, Andrew Walter, Jason Campbell and Matt Hasselbeck.

So McNabb's deal was the oldest in the NFL by three years. And since signing it, he's taken the Eagles to four NFC title games and a Super Bowl.

So it's pretty simple to see why the Eagles gave him a raise.

This makes the McNabb almost look like a necessity than praise for McNabb's leadership late in the season and into the postseason.