[Update by JimmyK, 08/29/11 10:03 PM EDT ] - Jason LaCanfora is now reporting that the guaranteed portion of the deal is $36 million, not $40 million, as originally reported.
The Eagles have agreed to terms on a new six year deal with QB Michael Vick. The deal is reportedly for six years and one hundred million dollars. Forty million is guaranteed and his 2011 cap hit is lowered by about $2 million ($16.2 million to $14.4 mil). You would have think that most of that is earmarked for DeSean Jackson's contract next.
Amazingly, this isn't even close to being the biggest contract Vick has ever signed. With the Falcons, he inked a 10 year, $130 million deal. But of course, much of that was lost when he was sent to prison and subsequently declared bankruptcy. Since then, Vick's finances have been tightly controlled with a large percentage going to straight to his creditors. So today is a good day for them and him... because $100 million should settle all debts with plenty left over for future generations of Vicks.
The move means the Eagles are truly all in on Vick as their QB going forward. Not only did they trade Kevin Kolb, who would have been their safety net as a QB of the future, but now with this deal they've locked themselves in financially to #7. There's certainly a chance that there is some funny money backloaded at the end of the deal to inflate the final number a bit, but with $40 million in guarantees, the team is clearly locked into Vick for the long term and vice versa.
Andy Reid said he's happy to see the deal get done.
"I'm very happy we were able to reach an agreement with Michael on this long-term contract," said Andy Reid. "It's a product of all the hard work Michael has done to better himself over the last couple of years, both on and off the field. I'm very proud that he has been able to achieve success again in this league, but he'll be the first one to tell you that there is a lot of work yet to be done by him and this team as a whole. And there's no doubt in my mind that he will continue on that path. I give a lot of credit to Joe Banner and Joel Segal for getting this deal done."
Reason y I'm happy bout that 100 million deal cuz every time we go out @mikevick got the TAB lol