Disgraced quarterback Michael Vick has signed a 2-year deal with the Philadelphia Eagles under coach Tony Dungy. The Eagles will hold a press conference this morning to announce the signing.
Sources tell ESPN's Chris Mortensen the deal is worth $1.6 million with an option for the second year at $5.2 million. Vick can also earn an additional $3 million in incentives over the two year term.
But that likely won't be enough loot for Vick who is known to burn through cash and lacks even the basic money management skills.
Vick, who was the #1 draft pick by the Atlanta Falcons in 2001, fell on hard times when he was busted for dogfighting. He was convicted and sentenced to 23 months in a federal prison in August 2007.
Vick served his time and was released on July 20. NFL commissioner Roger Goodell conditionally lifted Vick's suspension allowing him to participate in the NFL preseason workouts aqnd team meetings. While Vick can play in the final 2 games of the preseason, he will not be allowed to play in the regular season unless he is fully reinstated by the league.
Goodell has said he will consider reinstating Vick by October 18-19 at the latest.
Team owner Joe Banner said he spoke with the National Humane Society before signing Vick, who will go head-to-head with quarterbacks Donovan McNabb and backup Kevin Kolb for the starting job. "I pretty much lobbied to get him here," McNabb said. "I believe in second chances and what better place to get a second chance than here with this group of guys. ... He's no threat to me, not for Kolb. We had the opportunity to add another weapon to our offense."