Comment Worst Case Scenario (Score 1) 654
I'm assuming you would be working for a flat rate.
Suppose you took the deal and began work. The next day, the company decides to abandon your cause and fires you. You signed a non-compete agreement, which means you are legally obligated not to work on the project you enjoy. Regardless of what they offered you, termination would still bar you from working on the project that you want to work on.
Sounds like you need to negotiate the non-compete out of the contract or make sure they can't terminate you and expect the non-compete to perpetuate (or screw you in some other unforeseen way).