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In what might be the most fantasy football friendly news regarding the team in recent memory, the New York Jets announced this afternoon they have signed quarterback Michael Vick. The team also announced that Mark Sanchez has been released. Vick's contract is a one-year deal worth $5 million.

The announcement comes just a day after Metro New York's Kristian Dyer reported in advance of Vick's visit with the team, citing an unnamed team source, that the veteran signal caller would be given a chance to compete with Geno Smith if he was signed. "Nothing beyond that is guaranteed," the source told Dyer.

Now that the siging has come to pass, so too will the competition.

Dyer's source went on to explain, "Geno has a bright future. We certainly drafted him thinking he can start in this league and he did last year. But competition is important to this franchise and Michael will know that if he comes here, he will be expected to compete. That will be our message. ..."

If it's a fair competition, NFL.com's Chris Wesseling believes Vick will win it.

Wesseling has some valid points: Vick has years of experience in current Jets coordinator Marty Mornhinweg's offense. The 33-year old Vicks started 36 games in four years under the former Eagles coordinator. Vick has 109 career starts since joining the NFL in 2001.

Vick also gives head coach Rex Ryan a better chance to win now with an improved offense and a defensive front seven that is among the league's best.

But it all hinges on Vick being the same guy who beat out Nick Foles last summer (before injuries allowed Folk to take over during the regular season).

Vick has certainly shown an ability to work his way up from the bottom when it's been necessary.

Vick, the first overall pick in the 2001 draft, spent six seasons with the Falcons before a guilty plea to federal gambling and dogfighting charges resulted in nearly two years in custody. He signed with the Eagles after his release in 2009, starting as the No. 3 man on the depth chart but seizing the starting job after the offseason trade of Donovan McNabb and an early-season concussion to Kevin Kolb.

Vick played very well in 2010, regressing in 2011 and 2012. He won the job again in 2013, after a lengthy competition with Foles. But as Profootballtalk.com's Mike Florio reminded readers, injuries and ineffectiveness, coupled with stellar play from Foles, resulted in Vick quietly surrendering the job.

Florio went on to state the obvious: "In New York, Vick surely will set his sights on doing to Geno Smith what Vick did to Kolb and what Foles did to Vick. He wouldn’t be going to New York if he didn’t envision a chance to play. And Vick surely believes he’s better than Smith."

Nonetheless, Ryan repeated on Friday prior to Vick's signing what he said Thursday: Smith will be a tough out in a training camp competition.

“Geno Smith, regardless of who’s here. ... Is going to be hard to beat out,” Ryan said on ESPN Radio Friday.

Based on what we saw from Smith last season, I'd be hard-pressed to make a strong argument for a healthy Vick getting beat out by the second-year man. And again, for those hoping newly-signed wideout Eric Decker and the rest of the team's passing offense can emerge as legitimate fantasy contributors, having Vick under center seems likely to be in their best interests.

This is definitely a situation we'll all be watching carefully in coming weeks.

In the meantime, the first quarterback controversy might be who wears the No. 7 for the Jets; Vick or Smith.