Let me give credit where credit is due.  Gregg Easterbrook was all over the AIG thing before any of us, and he's a football columnist.  I'm not sure what's worse - the millions of dollars in performance bonuses awarded to employees of a company whose recent record can only be described as anything but performance.  Or the faux disbelief in DC that these were coming.  "Quelle surprise!" said everyone between Constitution and Independence, but for a person from Maine and another from Oregon.  Unfortunately, we're 533 people short of a forward thinking bunch.

Of course, AIG doesn't have the C..O. Jones to call them performance bonuses.  They are retention bonuses.  After all, with unemployment at a two decade high, these folks could leave and work anywhere!  For a bunch of financial wizards, how that last sentence makes any sense is beyond me.

If we had to select the AIG of the NFL, it would likely be the Washington Redskins.  IJWMFTT had so many messages during its hiatus asking, "When will you cover Haynesworth?"  "This Haynesworth signing just screams to be covered on Economy Watch Wedensday."  "Should we hold a mirror to your nose.  Ya know, to see if there's a reflection."

Albert Haynesworth signed a seven year, $100 million deal to leave Nashville for Landover.  In NFL speak, this is a 4 year, $41 million deal, as that's the guanteed portion.  Hearsay around writers circles was that Haynesworth would have stayed for a third of the amount.  Of course, I think those people got contract value and guranteed value mixed up a bit.  The Tennessee offer was 4 for $36 million with $25 million guaranteed.  Seeing as he turned this down, "a third' may be referring to all money guranteed - perhaps a little less. 

At the very least, the Skins offered $5 million more than the next bidder.  If the figure that Haynesworth wanted was around $33 million, then the Redskins gave $8 million more.  I'll give the Redskins some slack and call the $5 million figure a "gotta get him" bonus.  If it's closer to $8 million, then that's $3 million in "AIG money."

Of course, this is nothing new in Landover (well, Monday-Saturday, it's Ashburn).  Adam Archuleta got seven for $35 million.  Archuleta wanted to play for the Bears (with whom he currently has a three for $8M contract).  When he heard the offer from his agent, he said to call the Redskins back "before they change their mind."  When the athlete thinks they're overpaid, maybe that should serve as a burgundy flag.        

In 2007, the Redskins gave the 49ers a third and a fourth for Brandon Lloyd.  Okay, you have these picks, and the draft apparently isn't your strong suit.  Trade unkown quantities for a known quantity.   Don't they get it?  The picks were the value.  Giving Lloyd a $10 million bonus on a new deal was the Redskins twisted way of somehow selling the fact that they got a $30 million man for two second day picks.

Lav Coles asked for $30M.  He got $35M.  You get the idea.  The Redskins often bid against themselves.  Of course, the club will contend that they are always under the cap.  Well, yeah, that's why they call it A CAP!  Many players, who come with a lower price tag for the same level of percformance, are shown the door to make way for the new guys.  Or, the other method, trade your picks so that you don't have to pay that slotted money.

To better articulate the point, please see the linked diagram:

http://assets.sbnation.com/assets/86200/SkinsChart.jpg