The Washington Redskins and quarterback Donovan McNabb have agreed to a contract extension. McNabb's agent, Fletcher Smith, told The Associated Press that the extension is worth $78 million over five years, with $40 million of the deal guaranteed.

A source told ESPN NFL Insider Michael Smith, who first reported the agreement, that McNabb's contract could be worth $88 million if incentives in the contract are reached.

McNabb, who will turn 34 later this month, agreed to an extension just two weeks after he was benched at the end of a loss to the Lions because coach Mike Shanahan said the quarterback didn't have a grasp of the team's 2-minute offense.

Shanahan later cited McNabb's ailing hamstrings as one of the reasons he pulled McNabb in the final minutes of the loss.

Smith told the AP that the benching had no effect on negotiations and McNabb is "happy to be a Redskin."

Last week, McNabb said he was able to clear the air in talks with Shanahan and offensive coordinator Kyle Shanahan. He said he was satisfied with what he heard.

"Yes, I'm satisfied," McNabb said last week. "You get what you ask for, and after that you put it behind you and move on."

McNabb, who was traded by the Eagles to the Redskins before the season, faces Philadelphia on Monday night for the second time this season. He led Washington to a 17-12 victory at Philadelphia on Oct. 3.

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