"The contract is for five years and $96 million, with the first year payout of $18 million fully guaranteed, according to an NFL source."
2012: $18 million, fully guaranteed.
2013: $20 million, everything guaranteed unless there is a neck issue.
2014: $20 million, everything guaranteed except for neck.
2015: $19 million, not guaranteed.
2016: $19 million, not guaranteed.
So the Broncos are on the hook for $20MM this year and if his play declines but his neck is fine, another $20MM next year. They did have protection against the neck being an issue after year 1, but judging from what I saw in the playoff game against the Ravens (and despite his great season), I wonder if there are some issues that might affect his play but not be enough to tank the physical.
It sounds to me that Revis is pretty much prohibited from holding out. If that's the case, I think this is a great scenario. We get to see firsthand how much Revis has recovered and if he's returned to his former shutdown self. All the while, we are in a great position to negotiate with him throughout the season.
Revis has also said many times in the past that he would like to continue to play for Rex Ryan and the Jets. So it isn't a matter of Revis just wanting to leave, we just have to meet at a mutually acceptable price.