In 2015, a running back signed a contract worth $58.8 million. The contract called for $10 million immediately and a salary of $3 million in 2015, $8.5 million in 2016, $10 million in 2017, $8.9 million in 2018 and 2019, and $9.5 million in 2020.
If the appropriate interest rate is 12 percent, what kind of deal did the running back scamper off with? Assume all payments other than the first $10 million are paid at the end of the contract year.