'Skins reach deal with nearly acquired RB Portis

WASHINGTON -- Clinton Portis agreed to an eight-year, $50.5 million contract with the Washington Redskins on Monday, while Champ Bailey neared completion of a deal with the Denver Broncos that would clear the way for a Portis-for-Bailey trade later this week.

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Portis' deal, one of the richest ever for a running back, includes $17 million in bonus money, according to Portis' agent, Drew Rosenhaus. Portis is set to join quarterback Mark Brunell, who will be acquired in a trade with Jacksonville, in a revamped offense in coach Joe Gibbs' first season back in Washington.

First, however, the Broncos must agree to terms with Bailey, who would be sent from to Washington to Denver along with a second-round draft pick in exchange for Portis. Talks have gone well since Bailey's visit to Denver last week.

"Everything is skating right along schedule," Bailey's agent, Jack Reale, said Monday. "Things could be wrapped up quickly, maybe by tomorrow."

Trades cannot officially take place until the offseason trade and free agency period begins Wednesday, although they can be announced before then.

Clinton Portis is awarded a huge contract by Daniel Snyder even though the RB already had one for two more years.(Getty Images)

Portis' agreement represents another aggressive move by big-spending Redskins owner Dan Snyder, who didn't have to work out a new deal for the running back in order for the trade to take place. Portis' old, cap-friendly contract ran for two more years. Although he wanted a new deal after making just $300,000 last season, Washington was under no deadline to give him one.

This is also the second blockbuster contract Snyder has given a running back in four years. In 2000, he signed Stephen Davis to a nine-year, $90.75 million deal, but its long-term salary cap ramifications were so dire that Davis was cut one year ago and signed by Carolina.

The Portis-Broncos trade represents a rare swap of two young players hitting their prime. Bailey has been to four straight Pro Bowls and is one of the top shutdown cornerbacks in the league, while Portis has rushed for more than 1,500 yards in each of his first two NFL seasons.

Portis was scheduled to make $380,000 next season and $455,000 in 2005, a bargain price for a top running back. Portis' unhappiness with Denver's unwillingness to negotiate a new contract precipitated the trade talks.

The Redskins gave Bailey permission to talk to other teams and designated him as their franchise player last month. Bailey's contract expires this week, and he and the Redskins never came close to agreement on a new deal.

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