According to his agent, Steve McNair has reached a deal with the Ravens, in theory, for a signing bonus of $11 M and a base salary of $1 M. I write "in theory" because McNair is still property of the Titans who are trying to obtain a fourth round pick in exchange for the quarterback. Ravens have so far stopped short at offering a fifth rounder.
Stopping short isn't always a pickup move
Considering the Falcons gave away a first rounder for John Abraham, a fourth rounder isn't a lot to ask for. Hell, the Browns traded Dilfer away for a seventh rounder and a bag of chips. Safe to say McNair doesn't carry the same amount of water he used to in the league.
Note to Titans management, please feel free to slow down this process. Take a couple days or months...really, as long as you need to make your decision. It would give me something to talk about and would give McNair less time to become familiar with the Raven's offense.