Eagles extend Vick

[sheepshead]

As much as I dont like him on the field or off, you cant argue with this move.

[Guiness]

Vick could have declared bankruptcy but did not. I expect a chunk of his bonus will go to the creditors. An uneducated guess - less than 10 million.

I like the Vick story of redemption. I've chosen to believe he is a changed man.

He did attempt to declare bankruptcy, but his filing wasn't done properly and was denied. Part of the problem is that it became apparent that two of his financial advisers were committing fraud!

The bankruptcy plan that was approved called for him to repay $20million. I know, I know, I'm splitting hairs here. $10million, $20 million, what does it really matter, right?

As far as the contract the Eagles gave him, on its face, I think it's foolish. We'll see how much funny money is at the end of it when the details come out. It'll probably end up being closer to a 3yr $45million contract?

[Guiness]

Wow, just found this. Don't know how accurate it is, but if correct, what he gets this year will be less than the Eagle's first round pick...

http://www.cnbc.com/id/44327928

How does Vick make out? Well, he's allowed to keep the money left over after his creditors are paid off on the schedule made by the court. So next year, he starts with $17 million, takes $300,000 for himself, gives $5.85 million to his creditors, pays taxes and makes after taxes and makes required monthly payments to his ex-girlfriend and his mother, among others. That leaves him with about $3.7 million. Of that, he has to pay the lawyers and accountants, 50 percent ($1,850,000). Vick can then bank the other $1,850,000, but can't touch it. That means that on a $17 million salary, Vick will net about $1.88 million next year. That means he makes 11 percent of what the Eagles pay him.

[red]

this guy was known as a coach killer before he went to prison, no one could control or win with him, yet they couldn't get rid of him

now he's had one very good, not great season, which is also his career best season. and this preseason he looks exactly like the vick of old

and you're gonna throw that kind of money at him

that's insanity imo

i also don't understand how they have this much money. cap issue is one things, but with all the new guys they've brought in and given new contracts too. i mean they have to have handed out close to 100 million in cash in the last month or so. where did all that come from?

[mraynrand]

I like the Vick story of redemption. I've chosen to believe he is a changed man.

Of course you have.

[Guiness]

this guy was known as a coach killer before he went to prison, no one could control or win with him, yet they couldn't get rid of him

now he's had one very good, not great season, which is also his career best season. and this preseason he looks exactly like the vick of old

and you're gonna throw that kind of money at him

that's insanity imo

i also don't understand how they have this much money. cap issue is one things, but with all the new guys they've brought in and given new contracts too. i mean they have to have handed out close to 100 million in cash in the last month or so. where did all that come from?

Those are my thoughts as well.

2010 was a magical year for him, but he still only played in 12 games (caveat: he was available week 17, but was held out, along with many Eagles starters). I just don't see that that warrants the deal he got. Can he do it again, or was that a one year wonder performance? I guess you can't call it a 1 year wonder, based on what he did in Atl, but still...

[pbmax]

Remember this is the Eagles; they know how to work a cap and Andrew Brandt is consulting with them.

As Florio points out, there are multiple ways the Eagles can protect themselves from paying Vick the entire amount if his performance suffers or if he runs over a duckling with his car.

But as pointed out during today’s PFT Live, it’s unclear how much of that amount is fully guaranteed, for injury, skill, and salary cap. And that will be an important aspect of the assessment of the deal. If half of the $40 million is guaranteed for injury only, the Eagles can avoid $20 million in supposedly guaranteed money if Vick’s performance sputters, or if he suffers a non-career-ending injury that undermines his overall skills and abilities.

Also, the total amount of the guarantee, even if it’s truly guaranteed, suggests that Vick has concerns about injury or overall ineffectiveness. Indeed, Vick already was due to earn a fully guaranteed salary of $16.2 million this year under the franchise tag. By February 2012, if Vick were to be franchised again, Vick would have been entitled to another $19.44 million in guaranteed money.

That’s $35.64 million in guaranteed money, earned only if he plays well enough over the next four months to convince the Eagles to use the franchise tag on him again.

Instead, he’s getting $40 million in guaranteed money, all of which may not be fully guaranteed, as part of a six-year commitment.

[Fritz]

Vick needs to consult with Kwame Kilpatrick about how to fight paying back your creditors.

[pbmax]

For starters, the sixth year voids if he participates in 35 percent of the snaps in any year of the deal. It’s actually a five-year, $80 million deal.

Of the amount, $32.5 million is fully guaranteed, and $3 million is guaranteed for injury only.

That makes the total guaranteed $35.5 million — $4.5 million less than the reported guarantee of $40 million. (It’s also less than the guaranteed money Vick would have received in 2011 and 2012, if the Eagles had used the franchise tag on him again in 2012.)

Since he was franchised this year for just over $16 mil, Vick gets a second year near that number in guaranteed money. So he is paid just under the going rate of a Top 5 QB for two years and then all bets are off.

[Guiness]

Thank pb,

That puts it in perspective. When you look at the QB franchise tag, the deal makes sense. So it's possible the Eagles lowered their cap number for him this year, but it could very well end up being a 2yr deal - which fits with how long I think he'll be a top flight guy.

Is he top 5? Brady, Brees, Manning, Rivers, Rodgers (alphabetically!). Who is he better than?

[retailguy]

Vick is leading a charmed life. Who gets to dip in the well for a second time, after crapping in it the first time?

[Fritz]

Vick is leading a charmed life. Who gets to dip in the well for a second time, after crapping in it the first time?

What are you talking about? It's the American Way, Retail!

You proclaim that you've sinned and now you see the light, and off you go! Marion Berry, Bill Clinton, Kobe Bryant, ....man, it's as American as apple pie. I'll be surprised if John Edwards doesn't get in on some of this action.

[Brandon494]

Hes worth every penny, the guy is a one in a generation type of player.

[Joemailman]

Hes worth every penny, the guy is a one in a generation type of player.

Isn't that what Arthur Blank said a few years ago?

[Guiness]

Isn't that what Arthur Blank said a few years ago?

So he's twice been a once in a generation player? Wow, that's quite a feat.

Starting to sound like boxing and the 'Fight of the Century'