In rather shocking news, the Washington Redskins agreed to terms with quarterback Donovan McNabb on a five-year $78 million contract extension on Monday.

The news comes just hours before the Redskins host the Philadelphia Eagles on Monday Night Football, where oddsmakers from online sports book have made Washington a 3.5-point home underdog.

McNabb was benched for Rex Grossman two weeks ago in Detroit because coach Mike Shanahan thought Grossman could run his two-minute drill more effectively than McNabb. In the days following the game, Shanahan said that McNabb (who had been battling a hamstring injury) wasn’t physically fit enough to run his two-minute offense and therefore Grossman went into the game.

But while he wasn’t to be trusted to run his coach’s two-minute offense, apparently McNabb is still worth $78 million over the next five years. The decision is an odd one considering that McNabb is set to turn 34 at the end of the month and is on pace for his fewest touchdown passes since 1999. He also has thrown more interceptions than touchdowns this season and has posted his lowest completion percentage since 2006.

The timing of the decision is definitely off in the wake of Shanahan’s decision to go with Grossman over McNabb two weeks ago. But the real story here is that McNabb hasn’t done anything yet to deserve the pay raise. Maybe he’s due for a tremendous second half and the Redskins know something that nobody else does.