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Michael Vick, Philadelphia Eagles restructure contract

Newly hired Philadelphia Eagles coach Chip Kelly has examined Michael Vick's game film and apparently likes what he sees.

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.'s Ian Rapoport reported Vick can earn "up to" $10 million.'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.

Andy Reid's departure ultimately allowed Vick to get another season with the Eagles. With Kelly on board, it might be a better chance for Vick to find success.

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.

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