In order to make the trade happen, McNabb had to agree to re-work the five-year, $78 million contract he signed with the Redskins because the Vikings didn't have enough salary-cap room for him with the way the deal is structured. NFL Network insider Michael Lombardi confirmed that a restructured deal was in place, but the terms weren't immediately available.
McNabb gives the Vikings a veteran quarterback while they groom Ponder, who was drafted 12th overall out of Florida State in April, to be the team's long-term answer at the position. The original preference for Frazier and the Vikings was to have Ponder start Week 1 in San Diego, with a capable veteran backup there just in case.
But that was before the NFL lockout prevented players from working out with coaches all summer and put Ponder behind schedule in his development. That made it more important for the Vikings to add an accomplished, experienced quarterback they believe can win games with a roster full of veterans while Ponder gets up to speed.
From the sounds of it, Ponder isn't conceding anything just yet.
"Excited to have McNabb join," Ponder wrote Wednesday morning on Twitter. "Will learn a lot from a Pro Bowler. But that doesn't mean I'm not still fighting to start week 1!"
The trade ends a tumultuous one-year run in Washington for McNabb. The 12-year veteran was benched twice last season and threw 14 touchdown passes and 15 interceptions in 13 games. He completed 58 percent of his passes for 3,377 yards, and his agent, Fletcher Smith, publicly sparred with coach Mike Shanahan and offensive coordinator Kyle Shanahan.
"You see a guy that's been a Pro Bowler six times," Redskins linebacker Lorenzo Alexander said. "He was going to come in and really help us win more games, but it didn't work out. Relationships broke down, and now he's not here, but you can't really focus on that. You've got to continue to move forward."
Childress coached McNabb in Philadelphia from 1999 to 2005 before leaving to become the coach in Minnesota. From the minute Childress arrived in the Twin Cities, it was assumed that McNabb would one day join him in purple.
When Frazier took over as the full-time head coach in January, he said it was time for the team to end its penchant for bringing in retreads and past-their-prime veterans and develop a young quarterback from the start.
The Vikings surprised many when they drafted Ponder so early in the first round and immediately said he would compete for the starting job right away.
Ponder was billed as the most NFL-ready quarterback in the 2011 class, but not being able to work with new offensive coordinator Bill Musgrave and most of his teammates at various minicamps and organized team activities throughout the summer makes it a bigger challenge for him to be ready to start Sept. 11 in San Diego.
Ponder said last week during a workout at the University of Minnesota that he still was aiming to be the starter from Day 1.
"That's what I'm pushing for," he said. "That's what I'm hoping for. So we'll see what happens."
"I would have loved to have him back here," Alexander said. "But things just didn't turn out the right way, and he'll go on and eventually be a Hall of Famer."
The Associated Press contributed to this report.