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Yahoo! Sports
Quarterback Derek Anderson has agreed to terms on a three-year contract worth a maximum of $26 million, but with no less than $24 million, a source said Friday morning. The actual guaranteed money is $13.5 million, but the "practical'' guarantee is $14.5 million, because Anderson will most likely receive the $1 million roster bonus due next year according to the Cleveland Plain Dealer
Anderson's agents agreed to terms with the Browns about 4:30 a.m., just 4½ hours after Anderson hit the restricted free agent market. They still had some contract language to iron out Friday morning before they were prepared to announced the deal.
If Anderson had signed with another team, the Browns stood to receive a first- and third-round pick as compensation. As of Thursday afternoon, the Browns offer was worth $20 million over three years, with about $10 million guaranteed. The re-signing of Anderson sets up a training camp battle between Anderson and Brady Quinn for the starting quarterback job. A source close to Quinn said he has every intention of winning the job in camp.