The guarantees will be there in the front money. They may show piddly salaries of $2-3 mill per season, work out bonuses, etc, but in the end, the guarantees will be in the signing bonuses. That's where they'll guarantee the money, and put themselves in an even deeper hole than they are now, with Rodgers.
I have no opinion on whether this is, or isn't a good idea. The only way we'll really know that answer is if they do it, and win a ring. If not? Most people will consider it an unsuccessful attempt to win something out of reach. A lot of people believe that there is one winner, and 31 losers every year. In their mind, Cincy is as big of a loser this year as the Jets, or Jacksonville.
I think we're on the same page, just a difference in terminology.