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Eagles Reach An Agreement On A Restructured Contract With Michael Vick

Mike Florio of Pro Football Talk was the first to have details regarding Michael Vick’s contract.

According to Florio’s source, Vick will receive a $3.5 million signing bonus along with a non-guaranteed base salary of $3.5 million.

Vick could make another $3 million in incentives next season. The deal includes $500,000 in roster bonuses and another $1.5 million if he’s able to participate in 90 percent of the team’s offensive snaps.

In order to earn the final $1.5 million in incentives, Vick would have to lead them to a Super Bowl win.

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The Philadelphia Eagles have announced that they’ve agreed to a restructured contract with QB Michael Vick this morning.

“I feel like this is the perfect situation for me,” said Vick, via Jason Cole. “After talking with Chip (Kelly) and looking at the offense, I wanted to be here.”

Jeff McLane reports that Vick will receive a three-year deal that’s “essentially just a one-year deal,” as the final two years will be voided on March 15.

Geoff Mosher adds that a league source has informed him that the new contract would force him to compete for the team’s starting job versus just being handed the position as they enter offseason workouts. Mosher adds that there’s “no guarantee he’s on team in 2013.”

Jason La Canfora reports that Vick’s deal could be worth as much as $10 million, which is down from the $15.5 million salary that he was set to make in 2013.

Many believed Vick would hit the open market and be one of the more sought after quarterbacks this offseason, but there was always a chance that he could be back with the Eagles now that Chip Kelly was brought in to run the show. Nick Foles doesn’t fit Kelly’s offensive scheme as well as Vick does, so it makes sense that he would be given a shot to compete for the job.

We’ll have to see how things go during training camp, but the big winner from this move could be Alex Smith who will most likely be the best available quarterback during the offseason.