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By not cutting him before Feb. 6, this move guarantees $3 million for Vick, but the Eagles still have time to make a decision on his future before the free agency period begins in March. Vick is due $15.5 million in the 2013 season.
After another year derailed by injuries and turnovers, Vick was a popular candidate for release this offseason. However, the hiring of new head coach Chip Kelly suddenly means he may be back in the cards, as he seems to fit the kind of offense Kelly runs. He may have to take a big pay cut, though, and it's unclear if he's willing to do so.
If the Eagles decide to move on from Vick, Baltimore's Dennis Dixon may be a candidate for the job. Dixon has connections with Kelly from his Oregon days, but a serious knee injury derailed his career. If he's looking for a fresh start, a reunion with his old coach seems to be a logical choice.