Michael Vick Signs $100M Contract Extension With Philadelphia Eagles

Yesterday's big news saw Philadelphia Eagles quarterback Michael Vick sign a six year contract extension worth as much as $100 million. Mike Florio got his hands on the contract and was able to break down the details of Vick's contract. The breakdown reveals a contract worth plenty of money for Vick, but likely significantly less than initially publicized. This is not surprising given the accounting tricks used to make contracts fit under the salary cap, but still worth noting.

The contract is publicized as six years and $100 million, but in reality it will most likely max out at five years and $80 million. The sixth year of the contract is voided if Vick plays in at least 35 percent of the offensive snaps in any year of the deal. If he were to not take part in 35 percent of the snaps between now and year six for any reason other than an injury, it's safe to say they would have long since cut him.

Under the remaining five-year contract, Vick could make as much as $20 million in 2011, $12.5 million in 2012, $15.5 million in 2013 and again in 2014, and $16.5 million in 2015. The most noteworthy bonus would pay Vick $3 million if the Eagles win the Super Bowl in 2011 or 2012 and Vick participates in 77.5% of the offensive plays during the regular season.

It's safe to say Vick will be able to pay down most of his debts sooner rather than later. Head over to Bleeding Green Nation where they're discussing the Michael Vick contract extension.

I'm not worried about Michael Vick getting in trouble again. I'm not worried about him getting suspended from the league and I'm not worried about fame being too much for him again.

The reason I'm not a big fan of Vick's contract extension with the Eagles is that the guy is 31 years old. He's effective at his position partly due to his speed, and things like speed generally don't get better on the wrong side of 30. He's played one complete season in his life so you can't count on him to play every game.

I like Vick. He's a good football player -- he was great a lot of times last season --  but he's not the type of guy I'm committing $100 million to. You see the rare athleticism, which I do too, but I also see that this is a six-year deal.

I also see that, in no prior season before 2010, had Vick completed over 60 percent of his passes. I don't think last season was a fluke -- that's not the right word -- but I do think it goes down as the best season in his career. I can't see him repeating it and I'd be nervous about committing this much money to a quarterback who is a career 55 percent passer.

Again, I like Vick. He had a terrific 2010 campaign. I'm just not a huge fan of this contract with the commitment made and Vick's age.

Word out of Philadelphia Monday evening indicated Michael Vick had agreed to terms on a six year contract worth upwards of $100 million. This is Vick's second contract "worth" nine figures and acts as fitting bookends to his dog-fighting prison sentence. The first contract represented what at the time seemed like the heights of Michael Vick. The prison sentence resulted not only in a fall from grace with the fans, but an epic financial fall that left him in bankruptcy court.

As part of Michael Vick's rehabilitation, he has been working to cure his financial woes that left him owing upwards of $20 million to various creditors. The math is incredibly confusing but Lester Munson took a stab at the documents last December while Vick was earning $5.25 million in his second season with the Eagles.

Vick's bankruptcy has led to thousands of pages of documents dealing with a host of assets and liabilities. The court finally worked out a deal with Vick that resulted in limited access to assets while trying to work out payment on the numerous debts. Part of it was based on Vick eventually earning a sizable contract in free agency and that goal has been reached with this new contract.

Vick's court-approved bankruptcy reorganization plan created a schedule of payments based on the salaries Vick earned in a given year:

Vick's deal is not backloaded like many $100 million deals and in fact he could earn upwards of $16 million each of the first three seasons. He'll pay 40% of that to creditors to help pay down $20 million in debt. Under Vick's previous contract, two-thirds of every dollar he earned was going to the IRS and creditors. He has been living under a court-ordered budget that provides $4,250 for rent and utilities each month. He has a car allowance of $472 per month, a limit of $2,500 of allowance for his mother, and $3,000 in support for his ex girlfriend and their son.

Vick's new contract provides $40 million in guaranteed money. It would not take much time to deal with his current debts based on this new contract. At the same time, one has to wonder how Vick will handle his financial windfall given the lessons he learned from his previous financial downfall.

Any changes to his current plan require court approval. If he was prepared to pay off his debts in one fell swoop, I'd imagine the court would be content to get it taken care of with relative ease. The question now is what lessons he has learned from his prior mistakes and how that will impact his current financial situation. He is close to being back in a position of financial strength. Even outside the dog-fighting, he faced a tough lesson with regards to his personal finances. Let's hope he learned a lesson in that regard as well.

More than a few "Hey look, Michael Vick is back" moments have come and gone by now, but this might be the biggest one yet: the Philadelphia Eagles have secured the quarterback's services for the next six years on a $100 million contract, with Michael Lombardi reporting $40 million of that deal is guaranteed.

With their franchise tag now freed up, Philly could be looking to retain DeSean Jackson by sliding the tag his way.

Vick's last mega contract was a 10-year, $130 million deal with the Atlanta Falcons in 2004. For him to play his way back into a similar payday after falling as far as he did is quite an achievement. You really didn't need to be told that, but let's say it anyway.

He's still facing debt from bad business deals he incurred during his pre-prison days ... you can probably stop worrying about how he'll satisfy those, in case you've been stressed.

For more on Vick and the "Dream Team" Eagles, visit Bleeding Green Nation and SB Nation Philly.