UPDATE: Contract details emerge for McCoy’s contract
In other words, McCoy can only make up to $3.5M next year (which is the cap and cash number). It voids for any of several specific scenarios, incl 30% playing time in 2018 plus a certain QBR, or 50% playing time plus appearing in a playoff game...— Burgundy Blog (@BurgundyBlog) August 7, 2018
Forgot to mention the most important number in Colt McCoy's new contract. Total guarantee: $0.— Burgundy Blog (@BurgundyBlog) August 7, 2018
The Redskins have reportedly given backup QB Colt McCoy a 1 year extension that can be worth up to $7 million. The contract is loaded with several options/outs for the team and McCoy per NFL Network's Ian Rapoport.
This extension can become no extension at all if it makes sense for McCoy. If he does hit the void criteria, depending on other factors, the Skins can buyback for 6 different amounts based on playing time percentage and performance. https://t.co/GJgK8FTwIn— Ian Rapoport (@RapSheet) July 26, 2018
"The one-year extension for 2019 is worth up to $7 million. There are void and buyback provisions in the deal, which could still make McCoy a free agent after this season. In his previous deal, McCoy had a clause in which the final year -- 2018 -- could void the rest of the contract if he played 65 percent of the offensive snaps. The NFL Network first reported the agreement."
McCoy signed a 3 year extension in 2016 worth $9 million. He has been the Redskins backup QB since Jay Gruden's first year with the team, and they are very comfortable with each other. McCoy will have a $3.6 million cap hit this year and looks set to be the team's backup this season behind new starter Alex Smith.
The Redskins also traded for Kevin Hogan during the offseason from the Browns. The Redskins could keep 3 QBs this year, with their top 2 QBs being 32+ years old. There have been no reports of the team looking to replace McCoy with Hogan...yet. so it looks like McCoy is here to stay in Washington.