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NFL Commissioner Roger Goodell notified Michael Vick today that he has been reinstated to the NFL on a conditional basis and will be considered for full reinstatement and to play in regular-season games by Week 6 (October 18-19) based on the progress he makes in his transition plan.

Goodell suspended Vick indefinitely in August 2007 after the former Falcons quarterback admitted bankrolling the "Bad Newz Kennels" dogfighting operation. Goodell said then that Vick must show remorse and signs that he has changed before he would consider reinstating him.

In a statement given to Profootballtalk.com by his agent Joel Segal, Vick expressed gratitude for his opportunity, acknowledged the "terrible mistakes" he has made and he committed to changing his ways in the future.

"I would like to express my sincere gratitude and appreciation to commissioner Roger Goodell for allowing me to be readmitted to the National Football League," Vick said, via Segal. "I fully understand that playing football in the NFL is a privilege, not a right, and I am fully thankful for that opportunity I have been given.

"As you can imagine, the last two years have given me the time to reevaluate my life, mature as an individual, and fully understand the terrible mistakes I made in the past and what type of life I must lead moving forward. Again, I would like to thank commissioner Goodell for the chance to return to the game I love and the opportunity to become an example of positive change."

Of greatest interest might be the wiggle room Goodell left himself.

Indeed, it appears the commissioner has the leeway to make Vick's suspension as many as five games (assuming the "by" Week 6 is taken literally) -- or none if he so desires.

Under the conditions of the reinstatement, Vick may participate without delay in pre-season practices, workouts, meetings and may play in his club's final two pre-season games. Once the regular season begins, Vick may participate in all team activities other than games.

Vick is currently an unrestricted free agent eligible to sign with any NFL club. He is eligible to be paid based on terms negotiated with a club.

In addition, former Colts head coach Tony Dungy, who met with him in prison, has agreed to continue his work with Vick as an advisor and mentor. Vick thanked Dungy in his statement, saying: "I look forward to him being a mentor for me."

Goodell will periodically evaluate Vick's progress under this transitional step approach before considering full reinstatement for play in regular-season games by Week 6.

In a letter to Vick today, Goodell wrote: "My decision at that time will be based on reports from outside professionals, your probation officer, and others charged with supervising your activities, the quality of your work outside football, the absence of any further adverse involvement in law enforcement, and other concrete actions that you take that are consistent with your representations to me."

In addition, Goodell wrote: "This step-by-step approach is not meant to be a further punishment and should not be viewed as such. Instead, it is intended to maximize the prospect that you can successfully resume your career and your life. I believe that a transitional approach with a strong network of support will give you the best opportunity to manage effectively the various issues and pressures that you will inevitably face in the coming weeks and months and earn your full reinstatement."

Goodell went on to outline an array of conditions Vick will have to meet.

In addition to all the legal conditions imposed as part of Vick's probation agreement, Vick must abide by a written plan submitted to Goodell concerning the signal caller's proposed living arrangements, how he will manage his financial affairs, counseling and mentoring plans -- and Vick's proposed work with the Humane Society and other groups.

Per Goodell, "You have committed to me that you intend to abide by this plan, and as I said when we met, you are accountable for doing so."

So, is Vick really ready to meet his obligations?

In a column published this morning, SI.com's Peter King advised readers that those close to Vick believe that will be the case. According to King, "Vick knows he almost wasted his career."

King added: "I'm told Vick is a changed man. Obviously, it's easy to be changed when you've lost $100 million and just spent two years in jail. I also believe Vick simply wants to be back on an NFL team (he views the United Football League as a last resort only) and will be fine for at least a year or maybe two with whatever role a coach wants to give him.

"Wildcat backup for New England? Or Oakland? We'll see. ..."

And we absolutely will see. Soon. Now that team's can quantify and understand Vick's status, the list of those likely to be interested will almost certainly grow.

Once signed, all that remains to be seen is where Vick's skills stand -- and what kind of role he can chisel out given the team he joins. King's suggestion that Vick would make a good fit for a Wildcat attack in New England makes sense.

Patriots head coach Bill Belichick certainly learned a great deal about how effective the Wildcat could be in Miami last September, when the Dolphins burned New England for 461 total yards. Ronnie Brown rushed for 113 yards and four touchdowns on 17 carries while throwing for another score out of the Wildcat.

I suspect Buffalo, another AFC East team that saw the effectiveness of the Wildcat first-hand from the Dolphins (and where Terrell Owens told reporters this week he'd have no problems playing with Vick), could quickly join the list of suitors.

Whatever the case, as ESPN.com insider John Clayton is currently reporting, Segal's phone is ringing and teams are lining up to gauge interest. ... Stay tuned.