The Texans have until Feb 12, 2010 (near the end of the 2009 league year) to decide whether to exercise Schaub's option. If they exercise the option in writing by that date, they can prorate the option bonus over four years instead of three [1/4 of the $10 MM option bonus can be assigned to the '09 cap, even though they have until March 15, 2010 (the following league year) to pay the bonus]. In that case, his cap number is $10.25 MM in '09; $7.8 MM in '10; $9 MM in '11, and $10.95 MM in '12.
There's also an option for the Texans to not pay Schaub's option, in which case his '09 cap number would be $7.75 MM and his contract would terminate on or about March 1, 2010.
If the Texans exercise the option, he will have $3.25 MM of dead money risk for every year of the contract he does not play out, e.g., if they pay him the option and later release him as a cap casualty after the '10 season, there would be $6.5 MM dead money that hits the cap (if there is a cap) when he's released.