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When Washington Redskins quarterback Alex Smith broke his leg and saw his season end, he did not do more than install Colt McCoy as a starter. It also opened the door for McCoy to eventually play his role as an independent player.
Under the terms of McCoy's one-year $ 7 million extension he signed last July, McCoy has the option of canceling the final year of his contract to become a free agent – provided that it reaches the parameters that it is likely to achieve.
In short, assuming McCoy starts the last six games from today against the Cowboys, he will either be a much better paid replacement or a free agent.
Smith will miss the Redskins a lot, but they really care about McCoy. According to sources, if Smith's deal was not settled, they planned to start the season with McCoy as a favorite to leave with their teammate, probably in the second or third round. Now he has a chance to prove his worth on the field.
In reviewing the contract negotiated by agent Andrew Kessler, McCoy has options. If it starts the rest of the course, it will play 25 to 30% of the time required to qualify for all the incentives. This playing time gives him the chance to trigger the vacuum of the last year of his contract. At present, it is expected to earn $ 3.5 million next year, with $ 2 million guaranteed.
If he cancels the transaction to become a free agent, the Redskins have the right to buy back that year by giving McCoy an increase. They can pay for that he is not a free agent by giving him between $ 750,000 and up to $ 4 million for a total salary of $ 7.5 million.
For example, if it starts the rest of the season and the Redskins play in two playoff games, the redemption is $ 2 million. So he would stay with the Skins if they wanted, but would earn $ 5.5 million instead of $ 3.5 million – with $ 4 million guaranteed.
This is not the first time we see such an option, the goal being to allow a player to withdraw to its maximum value.
Chase Daniel, who starts today for the Bears, had one in his contract in Kansas City. After going to the Eagles' home, agent Jeff Nalley negotiated another for Daniel at Philly, based on Sam Bradford's previous year's stats. Daniel also has a void in Chicago, but not on statistics. This time, it is simply a $ 5 million payment that would allow him to be free – if he decides that his market is there to cash.
In Philadelphia, the most valuable Super Bowl player, Nick Foles, also has one for his latest expansion.
For McCoy and Washington, this could be interesting. In fact, they could buy back the year. Or they could say that two million extra, that's too much and that he should be a free agent. If they refuse, he is free. But what about Smith's health?
If his rehabilitation is slow, does Washington feel compelled to buy at any level McCoy?
So, McCoy has the choice to cancel, but Washington has the choice to buy back this year. What's going in this decision for both sides will be played over the next six games, starting today against the Cowboys.
Follow Ian Rapoport on Twitter @RapSheet.
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