[Note by Skin Patrol, 07/14/08 8:07 PM EDT ] Promoted, edited slightly. Thanks CptChaosSidekick.

From the Redskins Insider:

Colt "Best Name Ever for a QB" Brennan and the Redskins have agreed to terms of a contract. Sources say it's for four years, with a signing bonus of under $100,000. It figures to be for $295,000 the first year, $385,000 the second, $470,000 the third, $555,000 the fourth -- typical rookie stuff. It all adds up to $1.705 million, so figure it's a little over that.

With players reporting for camp Saturday, that leaves 4 1/2 days before Devin Thomas and Fred Davis would be considered "hold-outs".  Speaking for myself because my girlfriend says that's the only person I can speak for, I think the Skins will get Thomas and Davis under contract before then. If they were both 1st round picks I might be a little nervous.

John Clayton of ESPN goes on to explain how sigining rookies could have result in more delays then one might think.

Under the rookie pool, base salaries can only increase 25 percent per year, but agents found a loophole in which a draft choice can receive a one-time bonus and guarantee it in the final year of the contract. This particularly affects second-round choices because they sign four-year deals. The problem in this summer's negotiations is that there is no collective bargaining agreement in 2011 so the fourth year of the contract can't be involved in any kind of guarantees.

While it is possible to use the second year as a guarantee, agents don't consider that an option because few teams cut a first- or a second-rounder before that. The NFLPA and the Management Council will present their interpretations and await a decision by the Special Master next week.

The problem? Teams such as the Redskins report July 20, leaving little time to negotiate deals for top picks. The Redskins, for example, have three second-rounders who will be affected by the eventual ruling, and if the agents for those players wait for a ruling, the team will be scrambling to get deals done.

Well we do have 1 out of 3 under contract completed and with the front office having 4 days to get two second round players signed... color me optomistic.