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This contract replaces the long-term contract Vick had signed in 2011 and he now is scheduled to be a free agent after next season.
But this season he will get a chance to run new head coach Chip Kelly's offense.
As the team's official web site put it in announcing the deal: "Kelly has done his homework. He has studied enough of Vick to think that Vick’s skill set can translate to what Kelly wants to do with this offense, and that’s why the Eagles and Vick have come to terms on a new deal. ..."
Indeed, there's no doubt this is Kelly’s team and he has a vision for what he wants the Eagles to become. The vision revolves around the idea of competition at every position, and keeping Vick allows the Eagles to have a head start prior to free agency and the NFL draft.
"I feel like this is the perfect situation for me. After talking with Chip and looking at the offense, I wanted to be here," Vick told Yahoo! Sports.
Vick was scheduled to make $15.5 million in base salary in 2013 under the six-year, $100 million extension he signed with the team in 2011.
Vick, who turns 33 in June, passed for 2,362 yards, 12 touchdowns and 10 interceptions in 10 games last season, his fourth with the Eagles.
Vick was injured and inconsistent last season, eventually giving way to rookie Nick Foles. Vick returned to start the season finale against the New York Giants in December because Foles was injured.
The Eagles finished 4-12 and in last place in the NFC East. Andy Reid was fired as coach the day after the season ended, and Kelly was hired last month.
Vick seems equipped to run Kelly's aggressive, up-tempo offense that he is bringing to the Eagles from Oregon.
Vick was signed by Philadelphia in 2009, and became the starter in 2010. He led the Eagles that season to an NFC East title, and a memorable 38-31 December win over the Giants in which he rallied the team from a 21-point deficit.
All told, Vick has started 35 games for Philadelphia over the last three seasons. Foles has started six. The Eagles scored just 280 points last season as they endured an eight- and a three-game losing streak. Only Arizona (250) scored fewer in the NFC.
The signing raises many questions, of course.
Kelly addressed the media Tuesday and made it clear that nothing is guaranteed -- except competition.
“There’s open competition,” Kelly said. “Michael knows that. Nick knows that.
"Nick knew every step of the way what we were doing. I specifically wanted to make sure Nick was included in the plans. I think both of them have outstanding qualities as far as being quarterbacks in this league.
"Both of them have started in this league. I also know in this league, you better have two. I’m excited about the two of them. They’re both going to compete.
"Who the starting quarteback is will be won on the practice field.”
And would you expect him to say anything else?
Kelly sees in Vick the strengths that can work in the type of scheme that the coach wants to employ.
Vick is a quick-footed quarterback with a strong arm and the threat of a run option is clearly there when he’s on the field. And as PhiladelphiaEagles.com's Dave Spadaro suggested, if the Eagles are going to use more of a read/option scheme, Vick fits the quarterback profile more than Foles and more than just about any quarterback who might be available to the Eagles throughout the offseason.
But Vick has to grasp a new system and demonstrate to Kelly that he can be a trustworthy steward of the offense and work in an up-tempo scheme and have a firm hold on the mental and physical demands. The Eagles took a situation -- Vick had a contract -- and worked a new deal that is a win-win for both sides.
Vick understands the position he is in: Nothing will be handed to him. He is here to compete.
If successful, Vick will get a chance to further extend his career in Philadelphia. If not, the two sides move on.
Fantasy owners should keep that in mind.
They should also remember that his biggest weaknesses in recent seasons – decision-making in the red zone and ball security -- must be corrected before he can earn Kelly's trust. As Spadaro put it, "Understand that Vick must make better decisions and exhibit better ball security than he has the last two seasons. He turned the ball over 33 times in the 2011 and 2012 seasons, during which he missed nine games due to injuries."
The more glaring weakness – his inability to avoid injury – will make him a risky proposition regardless of his ability to correct the other problems.
On the other hand, Vick's unique skills and athleticism have made him a Fantasy points machine as long as he's on the field. And given his recent shortcomings, it's safe to assume there will be many Fantasy owners who simply won't be willing to take a chance on him no matter what.
That means value people.
I'll certainly be watching Vick's progress closely this offseason. I'll also be watching to see exactly what kind of scheme Kelly employs. Nobody expects a carbon-copy of the offense he ran at Oregon. But it certainly seems likely we'll see as much of an up-tempo approach as you can pull off with a 45-man roster.