Fox Sports insider and NFL Network contributor Jay Glazer first reported that Vick and the Eagles worked out a restructured contract, meaning the quarterback will return to the team for the 2013 season. The Eagles' website quickly confirmed the move.
Vick will take a big pay cut from his previous $15.5 million salary. NFL.com's Ian Rapoport reported Vick can earn "up to" $10 million. NFL.com's Albert Breer said Vick's contract is a three-year deal that voids to one year on March 15, so it's essentially a one-year deal, making Vick eligible for unrestricted free agency in 2014.
Breer reported Monday night, via a source who's seen the terms of Vick's contract, that Vick will receive a $3.5 million signing bonus; $3.5 million in base salary; $500,000 in roster bonuses; $1.5 million if he plays 90 percent of the Eagles' snaps and $1 million if the Eagles win the Super Bowl and he plays.
Nothing is guaranteed for Vick. Second-year pro Nick Foles remains a promising option, although he probably doesn't fit in Kelly's offense. It wouldn't be a surprise if Kelly added another interesting name to the mix.
The Eagles are making it clear that Vick isn't guaranteed anything at this stage, including a roster spot. But they wouldn't make this move unless they thought Vick had a good chance to win the starting job.
This marks a sensible move for both sides. Vick knows that he's not going to find a better situation than the one in Philadelphia with Kelly and a talented group of skill position players. Kelly knows he's not going to find a better option on the free-agent market.
Consider this a one-year trial. It's a "prove it" deal. It's another "last chance" for Vick.
UPDATE: Michael Vick released a statement following Kelly's news conference:
"I am grateful and proud to be a Philadelphia Eagle. My heart is in Philly and this community is important to me. I look forward to playing for Coach Kelly, Jeffrey Lurie and the entire Eagles organization, the city of Philadelphia and the fans. I am training hard this offseason and will be ready for Coach Kelly's team vision and leadership. Our goal is to win."
Follow Gregg Rosenthal on Twitter @greggrosenthal.