The article says the deal was for five years and will run through 2017, so it sounds as if it will begin in 2013. That means Shady will be playing for his current amount in 2012, which is about $600K. McCoy has obviously been a huge deal based on his first contract so it's good to see him get paid.
As I wrote earlier, McCoy is one of the better backs in the NFL and if you're into fantasy football, you know just how valuable he is as he catches a ton of balls out of the backfield. Last year, he set an Eagles franchise record for touchdowns (20) and was an All-Pro.