As expected, the Philadelphia Eagles have placed the franchise tag on QB Michael Vick. Multiple reports came out last month that the Eagles were going to place the tag on Vick in order to retain his rights, and that's what they did on Tuesday, the team announced.
So the Eagles now have control of Vick's rights for the 2011 season and Vick has a contract that is expected to pay him in the neighborhood of $17 million next year. Even though that's a big one-year contract, many players, and probably including Vick, would prefer a long-term deal that includes some guarantees. With a running quarterback like Vick that's prone to injury, that's arguably even more important to him.
The franchise tag itself is in a bit of limbo right now. The NFL says teams can use it from February 10-24, or business as usual. The NFLPA says that without a new labor deal in 2011 the franchise tag is "meaningless". However things work out, the franchise tag is expected to make its way into the next labor deal so the Eagles will almost assuredly keep the rights to Vick if they want them.
The franchise tag on Vick also has potential consequences with QB Kevin Kolb. The Eagles can decide to commit to Vick and work out a long-term contract. If they do that, then they're probably going to trade Kolb. If they don't commit to Vick beyond 2011, then Kolb likely stays on as the backup and/or future starter if/when Vick leaves. The future of Kevin Kolb is one several quarterback-needy teams (including the Cardinals) are curious about.