Posted by ESPN.com's Matt Mosley 

One of the longest-running negotiations of the NFL's modern era is over. On Wednesday afternoon, the Titans and Cowboys ended their slow dance and agreed to the Pacman Jones trade.

Patrons of Dallas strip clubs were spotted running for the exits, according to several eyewitnesses. The Cowboys gave up a fourth-round choice in this year's draft and a conditional pick in 2009. If Pacman's not reinstated, the Titans will send the Cowboys a draft choice in 2009.

So that's really what we've been waiting on all this time? We kept hearing about this issue over Pacman's signing bonus money, but now he's agreed to donate $500,000 to the Titans' charity of choice.

In light of recent news that Pacman made "extortion" payments to the alleged gunman in a Las Vegas strip club shooting that left one man paralyzed and two others injured, it's hard to believe that NFL commissioner Roger Goodell will be in a huge hurry to reinstate the Cowboys' cornerback. But Pacman says the commish knew all about the payments well before the story hit the Internet on Tuesday.

I don't think Cowboys owner Jerry Jones would've gone through with the trade if someone in the league office hadn't tipped him off that Pacman would be reinstated before training camp. Of course, that's provided that he stays out of trouble for the next three months, which might break his personal record.

What sort of player are the Cowboys receiving? Well, a member of the Titans organization recently told me that Pacman is a great competitor in practice and a solid teammate. His temper will flare at times on the practice field, but coaches have said it led to more inspired sessions.  

Last week, Cowboys tight end Jason Witten and defensive end Chris Canty told me that they look forward to playing with Pacman. Canty, who's mother is a Methodist minister, spoke of redemption and said that he thinks the troubled cornerback will flourish in a new environment.

If Pacman's reinstated, the Cowboys will have obtained one of the most dangerous return men in football and a potential starting corner. As I wrote in a recent column, Jerry Jones is the king of second chances, in part, because he received his fair share. To most teams, Pacman would be considered fool's gold. To Jerry, the player's upside far outweighs the potential risk involved.

As you saw with the Tank Johnson signing, Jerry believes that his locker room can withstand the distractions that come with signing a troubled player. And so the Cowboys' reform school has taken on a new pupil.

Now we'll wait to see if he's allowed to attend class.