What happens to TO's contract if he doesn't play?

I’m starting this in GQ because I want a factual answer. If it goes from there in to GD/Pit territory, that’s fine, but the facts first, please:

It’s looking more and more like neither side will budge in the Terrell Owens/Eagles impasse. I think he’ll cave, but what if he sits out this year and gets no money … then what? If he were to come back in 2006 would he still “owe” the team the second year on his contract (at $2 mill) or would he now be on the third year of his contract (which is much larger)?

From here - emphasis mine

While carrying water for the Eagles on the T.O. mess, Bob Brookover(*) of The Philadelphia Inquirer says that Owens’ only options are to play under the terms of his 2005 contract or sit out the 2005 season and be subject to the 2005 terms again in 2006; this analysis overlooks what we believe to be the most likely scenario – Owens holds out until in week ten in order to get credit for the 2005 season, forcing the Eagles either to pick up his $7.5 million roster and option boni in March 2006(**) or to release him.

(*) Tried to look it up but registration is required
(**) The March Bonus is 5 million