According to Redskins Lunch on XXX ESPN Radio, owned by Redskins owner Daniel Snyder. A signing bonus of $3.5 mil is expected, an excellent deal for the Skins.
Yes, though I doubt they would take anything less than a 1st + more since they traded Champ Bailey for him. I would've liked to get Betts in free agency, he's been great everytime he's gotten the chance to play.