McGahee Traded to Baltimore (Updated)

It's finally official - the Buffalo Bills have traded running back Willis McGahee (right) to the Baltimore Ravens. ESPNews reported the trade first, and a wire report from ESPN can be read here. UPDATE: The story has now broken on BuffaloBills.com. This story will continuously be updated throughout the day - original posting time was 12:17 PM ET.

According to reports, the Bills dealt McGahee in exchange for three draft picks: the Bills will receive Baltimore's third-round pick and 7th-round pick in next month's draft, and will also receive a third-round pick in the 2008 draft.

Hear head coach Dick Jauron's reaction here.

In addition, reports indicate that McGahee has already agreed to a new contract with the Ravens. Pro Football Talk reports the details of the deal:

EARLY NUMBERS ON McGAHEE DEAL

Though the deal is not yet final, we're told that the contract will most likely include a three-tiered signing bonus worth $15 million.

Under those terms, he would get $7.5 million to sign, an initial option bonus of $6 million, and a second option bonus of $1.5 million.

McGAHEE DEAL: SEVEN YEARS, $40.12 MILLION

We're told that the Ravens and running back Willis McGahee are very close to agreeing on a seven-year deal worth $40.12 million.

As we previously explained, McGahee will receive $7.5 million to sign, an initial option bonus of $6 million, and a second option bonus of $1.5 million. The salaries are $595,000 in 2007, $605,000 in 2008, $620,000 in 2009, $3.6 million in 2010, $6.0 million in 2011, $6.5 million in 2012, and $7.2 million in 2013.

Since McGahee was due to earn $2.155 million in 2007, the deal is essentially a six-year extension worth $37.965 million.

If the Ravens cut McGahee before the back-end salaries kick in, he will earn a total of $20.42 million over four years.

UPDATE - As reported yesterday, Corey Dillon was scheduled to visit One Bills Drive today, following Dominic Rhodes and Chris Brown's visits. However, recent reports indicate that he has cancelled that trip. Adam Schefter reported Thursday night that Dillon backed out because he wants to play for a playoff contender such as Philadelphia - therefore, he is not interested in playing for Buffalo. Good riddance - we only take team guys. My expectation is that either Rhodes or Brown, or potentially even Anthony Thomas, will be signed by Buffalo by this weekend. You'll read about that here as soon as it happens as well. Here's hoping it happens soon!

Props to JWall for leaving a comment about this story on the last post.

Reaction
At this point, my reaction to the news is relief. The fact that Marv Levy was able to wrangle three picks for a disgruntled back is, to me, fantastic - reports earlier said that the Bills would get a 2nd and a 5th this year, but that turned out to be wishful thinking. To me, 3 picks is better than that report anyways.

I always thought McGahee was an extremely talented back, but he was never going to hit his full potential in Buffalo. I hope he finds greener pastures in Baltimore and becomes a dominant back. I also hope he's throwing up on the sidelines the next time the Bills play the Ravens.

If I had to pick, my money would have been on Dillon signing with the team. He's the most proven of the three backs that have toured Buffalo, and he is sure to receive the shortest, most economical contract. Had he come into town, I would not have been shocked if Levy locked him up. Also, Chris Brown is heading to Detroit and Dominic Rhodes will visit the Raiders and the Titans. All of that per Adam Schefter of NFL Network. If the Bills want any of these three guys, they're going to have to move fast.

McCadam Visits, Thomas in Detroit
Two other minor notes from today - the Bills hosted free agent safety Kevin McCadam (Carolina) today as they search for veteran depth behind Donte Whitner and Ko Simpson. In addition, nickel back Kiwaukee Thomas was in Detroit for a visit there - the Lions could be looking at him as a replacement for Dre' Bly.

SOUND OFF, Bills fans! Post your reactions to the McGahee trade in the comments section below!