Michael Vick might never earn his old reputation back and he probably won’t ever earn his old sponsorship dollars back. But 25 months after being released from federal prison, Vick has earned a life-changing nine-digit contract.
Vick has reportedly agreed to terms on a six-year, $100-million deal that could very well keep him in Philadelphia for the remainder of his career. The contract is worth nearly $40 million in guaranteed money, according to NFL Network’s Michael Lombardi.
Vick, whose two-year post-prison deal with the Eagles expired after his superstar-caliber 2010 season, was slated to play under the franchise tag in 2011. Assuming he makes between $16-$17 million in the first year of the contract, he’ll give the Eagles more cap space, which could pave the way for the team to sign Vick’s top offensive weapon, disgruntled wideout DeSean Jackson, to a long-term deal.
The contract is a sign that Vick’s football career has come full circle from his first set of glory days in Atlanta. Seven years ago, he signed a 10-year, $130-million extension with the Falcons worth, again, nearly $40 million in guaranteed money.
But Vick lost all of that cash when he became one of the world’s most famous prisoners in 2007. He declared bankruptcy in 2008 and has made less than $8 million (and limited endorsement money) since his return to professional football. He’s still living under a court-ordered budget and owes myriad creditors.
In fact, based on a projection from court documents examined by ESPN’s Lester Munson last year, the 31-year-old will have to surrender 40 percent of his new salary to creditors. Considering that Uncle Sam will be entitled to a hefty chunk as well, this new deal might not pay off for Vick until time is running out.