I tend to credit the report because that's how the feds bargain. There's bargaining as to charges, then bargaining as to sentence, and very often, in exchange for reduced charges, the Government says you have to agree not to request a departure or variance from a certain sentence or sentencing range.

McClatchy says Edwards is fully aware of the risks. He's counting on winning on either a pre-trial motion to dismiss or at a jury trial.

According to McClatchy, both the offered felony and misdemeanors involved violations of campaign finance law. The difference between them is the amount of money involved:

Violations for a crime involving $2,000 to $25,000 are generally not felonies, and the sides would have chosen lower-dollar acts as part of any plea to a misdemeanor charge.

The four charges of illegal campaign contributions in the indictment were aggregated at more than $25,000 in order to be classified as felonies.

Did Edwards make the right call? I'm going to say yes, because I don't think you can ask someone who has made a career out his ability to convince judges and juries of his position to give up his right to argue.

Also, despite the Government's pre-indictment plea deadline, I think there will be another round of negotiations after the briefs are in on Edwards' motion to dismiss, and before the Court holds a hearing or rules on the motion.

Due to grand jury secrecy rules, Team Edwards has not yet seen the grand jury transcripts. They haven't seen all the investigative reports of interviews with witnesses, or materials obtained by subpoena. Once they review, investigate and analyze those materials, they will have additional arguments to make when they file his pre-trial motions. The Government will take those arguments seriously, and may well decide it's not in its best interest to risk an adverse ruling from the Court.

Is it also possible Edwards will rue not taking the deal after he sees all the discovery? Sure. But I think he'll just adopt and hone his argument to fit the facts, whatever they turn out to be. And if he loses, at least he'll know he fought to the end and had the opportunity to make his case.