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Vick was owed $15 million in 2013 under his original deal, and everyone expected the Eagles to cut him to avoid that steep salary.
Instead he agreed to a ~$7.5 million pay cut, according to the Philadelphia Inquirer.
So why'd Vick do it?
Part of the reason is new Eagles coach Chip Kelly.
Kelly runs an offense that requires a dynamic quarterback who can both run and pass. On paper, Vick is the ideal quarterback for his system.
For the first time in his career, Vick will play for a coach who utilizes what he does best.
He told Mike and Mike (via PFT):
“In 2006 I ran for 1,000 yards — and it wasn’t hard. I feel like I still can do that.”
“I could tell that he was innovative, and that’s what it’s all about in this league. You have to be able to change up from week to week and I think Chip will be able to do that. I think I can handle that.”
The other big reason why Vick stayed is the money.
He hasn't played well since 2010, and his stock around the league is plummeting from where it was a few years ago.
On the free agent market, Vick might have got a similar contract because of the dearth of available quarterbacks. It wasn't a guarantee though.
The more interesting question is, why did the Eagles do it?
They have the No. 4 overall pick, a new coach, and a roster filled with holes. They looked like a prime rebuilding candidate going into the offseason, and a key part of that rebuilding effort would have been to move on from the Vick era.
The fact that they kept Vick for an extra year speaks to the sorry state of the quarterback position in this year's draft. As we wrote yesterday, this is a terrible year for quarterbacks, and there's no projected franchise QB that the Eagles could go after a No. 4.
It's a stop-gap until Kelly can get a franchise guy. But for at least 2013 it'll be fascinating to see Vick in a radical offense that plays to his strengths.