Michael Vick Takes A $5 Million Pay Cut To Stay With The Eagles

The Philadelphia Eagles and Michael Vick have worked out a new contract that will keep him in Philly for one more year, the team announced today.

Under Vick's old deal, the Eagles would have had to pay him $15 million next season. Because of that huge price, many expected Philly to cut him.

It's unclear what the terms of the new deal are. Jason LaCanfora of CBS reports that the contract "can be worth up to $10 million," but that is almost certainly based on performance incentives.

So at the very least it's a $5 million pay cut.

The Eagles hired Oregon coach Chip Kelly this offseason. In college, Kelly ran an option attack that Vick would be theoretically perfect for, at least on paper.

According to Jeff McLane of the Philadelphia Inquirer, Vick will "compete for the starting job."

But Vick really hasn't played well since 2010. He has been plagued by injury, and he turned the ball over more than anyone else in the NFL when he was healthy.