PHILADELPHIA - Michael Vick took a significant pay cut to stay with the Philadelphia Eagles and compete for a starting job.
The four-time Pro Bowl quarterback agreed Monday to a restructured three-year contract with the Eagles, just two seasons after signing a $100 million extension that included $35.5 million in guaranteed money. The new deal is essentially for one-year, however.
A source familiar with the contract said Vick could earn up to $10 million in 2013 if he meets all his performance incentives, and the team will void the remaining two years on March 15. That person spoke on condition of anonymity because the terms haven't been released.
Vick was slated to earn about $16 million next season, including a $3 million roster bonus. He lost his starting job to rookie Nick Foles last season, but new coach Chip Kelly will give him a chance to win it back.
"I am grateful and proud to be a Philadelphia Eagle," Vick wrote on Twitter. "My heart is in Philly and this community is important to me."
Vick had a breakout year in 2010, leading the Eagles to the NFC East title, winning the Associated Press Comeback Player of the Year award and starting in the Pro Bowl. But he's battled injuries and inconsistency the last two years.
"What I look at is skillset first and foremost," Kelly said. "What he can do, how he can throw the football, how he can beat people with his feet. There are a lot of different factors he has. And you have to look at the landscape for other quarterbacks. I guess the best way I can put this is I agree there is a change of scenery going on here. For Michael Vick, there is a change of scenery, but not a change of address."
Since the Eagles hired Kelly to replace Andy Reid, there's been plenty of speculation about which quarterback will run his aggressive, up-tempo offense. Though Kelly has been effusive in his praise for Foles, the slow-footed, pocket-passer isn't an ideal fit for a zone-read offense. Kelly, though, said he will cater his offense around his players' strengths. After all, he's known for being an offensive innovator who had tremendous success at Oregon.