Washington ? Clinton Portis agreed to an eight-year, $50.5 million contract Monday with the Redskins, nearly clearing the way for Denver to trade him to Washington for Champ Bailey.

Bailey is close to agreeing to a deal with the Broncos, and the trade could happen later this week.

Portis’ deal, one of the richest ever for a running back, includes $17 million in tiered bonus money, according to Portis’ agent, Drew Rosenhaus. Portis is set to join quarterback Mark Brunell, who will be acquired in a trade with Jacksonville, in a revamped offense in coach Joe Gibbs’ first season back in Washington.

First, however, the Broncos must agree to terms with Bailey, who would be sent from to Washington to Denver along with a second-round draft pick in exchange for Portis. Talks have gone well since Bailey’s visit to Denver last week.

Trades officially cannot take place until the offseason trade-and-free-agency period begins Wednesday, although they can be announced before then.