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Dolphins trust Ricky Williams, but not that much

Ricky Williams revealed earlier this week he is taking a university math course once a week during this fall semester.

Maybe he should have done a little bit better figurin' before he agreed to his new contract extension. According to Yahoosports.com's Jason Cole, the extension Williams signed is quite unimpressive and shows the Dolphins belief in the enigmatic running back is limited.

Williams, listed as the agent of record on the deal, negotiated his own deal in part because his agent Leigh Steinberg is not currently certified by the NFL Players Association. But Williams must not have even gotten some friendly advice from Steinberg because I doubt any agent would have signed off on this deal.

The deal pays Williams $1.5 million in roster bonuses due in increments of $93,750 per game this year. That will be due Williams in addition to the $730,000 base salary he was originally scheduled to get. The deal also pays Williams $3.4 million in base salary next year.

The problem for Williams?

There is absolutely no guaranteed money in the deal. He'll get his $93,750 for each game only as long as he's on the 53 man roster. Williams agreed to give the Dolphins an extra season without getting a signing bonus or any other guarantees.

If he quits at any point this season, Williams loses the game bonus for the games he misses. Even if he gets hurt, through no fault of his own, he gets zilch for any game if he isn't on the 53-man roster.

Next year's money also in not guaranteed.

Had Williams been patient, and not signed the extension he wouldn't have gotten the extra $1.5 million this year. But assuming he played as everyone expects, he would have put himself in position for a giant payday this offseason as an unrestricted free agent.

If Williams had the kind of season everyone expects this season, one NFLPA source says Williams could have commanded between $5-$6 million in guarantees from some team next season in addition to a good base salary. So not only did Williams not get any guaranteed money, but he might have underestimated his own worth.

"This will be used as another example of why players should never act as their own agents," the source told me this afternoon. "Ricky has made a mistake that has cost him a lot of money. Of course, he's done that in the past as everyone knows."

So the Dolphins are thrilled because they have zero exposure on the deal. They are telling Williams how much they believe in him and trust him -- but only as long as he produces regardless of circumstances.