On Tuesday, it was reported by Adam Schefter of NFL Network that the Raiders signed receiver Javon Walker to a six-year, $55 million deal with $16 million in guaranteed money.

The news sent shock waves through the league.  With Walker’s knee problems, most believed that his best chance would be to sign a one-year “prove it” deal with a big option or roster bonus due in early 2009.

On Wednesday, the Raiders began to put out the word that the numbers on Walker weren’t accurate.  Jerry McDonald of the Contra Costa Times and others (including some Internet hack who’ll be taking a much broader look at the Raiders organization for SportingNews.com on Friday) were told that Walker received a $6 million signing bonus, a $5 million base salary in 2008, and a $5 million base salary in 2009.

The Raiders explained that Walker’s people were viewing the contract as being worth $16 million guaranteed because of the low likelihood that the team would cut him before the end of the second year of the deal, given the cap hit they’d take via the balance of the signing bonus acceleration.

As it turns out, and as we’ve confirmed by talking with multiple sources, the Raiders were spreading incorrect information.

The truth is that Walker received an $11 million signing bonus, and he’ll get a $5 million roster bonus due in 2009, and the roster bonus is fully guaranteed against injury.

So the guarantee is $16 million, presuming that the Raiders won’t decide to cut Walker because:  (1) he’s healthy; but (2) he’s not good.

Also, Walker is scheduled to earn base salaries of $1 million in 2008, $4 million in 2009, $6 million in 2010, $8 million in 2012, $10 million in 2013, and $10 million in 2014.

As a practical matter, Walker’s guarantee is actually $17 million, since it’s highly unlikely that the Raiders will cut him before the start of the 2008 football season.  And if the guarantee is calculated in the way that the Raiders tried to claim that the agents were trying to calculate the guarantee, the total guarantee is actually $21 million.

Why?  Because it’s highly unlikely that the Raiders are going to carry $9.17 million in dead money between 2009 and 2010, which is exactly what would happen if he’s cut next year. 

In fairness to the Raiders, they’re now acknowledging privately that bad information was disseminated on Wednesday.  Setting aside for now the question of whether that impairs the credibility of anything else they ever say from this point forward, we respect them for admitting that the numbers aren’t what they said they were.

Besides, the Raiders need no punishment for their error, intentional or otherwise.  The fact that the organization has welcomed a brand-new player by trying to understate his deal with bad information will likely trigger punishment enough once Walker comes to the same conclusion in Oakland that he reached after his time in Green Bay and Denver — that he wants out.