According to several independent reports, the Philadelphia Eagles and Michael Vick have agreed on a one-year, reconstructed contract reported to be worth $10 million.
The deal is reportedly three years, but the final two years will be voided on March 16th. Essentially, it is a one-year deal worth $10 million, a $5 million pay cut from what he would’ve been owed. It was made a three-year deal to meet CBA requirements and spread signing bonus across 3 years.
Also, a clause in the deal allows the Eagles to cut Vick before the season starts without taking any sort of a cap hit. This means that the Eagles will continue to explore other options (especially via the draft) until training camp rolls around and then make the final decision.
The loser in all of this is Nick Foles, who played 1/2 a season as the starter but will likely lose his starting job for good. Kelly, who likes mobile QBs, probably never intended to go with Foles, although it seemed that could be an option with Pat Shurmur in the fold.