Almost all NFL contracts are moot after year 3 or 4 anyway, as they usually have absurd roster bonuses, etc. that force renegotiation or a cut (for example, Steve McNair this year). There is no way Alexander will play out this contract - 100% guaranteed. At 29 this season (I think) Alexander could have 3 to 4 years left in him (with some luck), and will be cut at that point, IMO.
As for whether he will drop off, that is the beauty/tragedy of the NFL. Look at Marshall Faulk, Priest Holmes, Robert Smith, Terrell Davis, etc - no indication of a drop off, one or two injuries - career is off the rails. Age 30 is the magic # at RB - generally, any production after that is what gets you in the HOF. Year 2 or 3 is when the stats really take off (generally), year 5 or 6 is the peak, and the end can come in a hurry for even the best from there. If Alexander holds up for 3 more years, he HOF material - if not, he joins a long list of guys good enough, but not durable enough.
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