Yesterday's big news saw Philadelphia Eagles quarterback Michael Vick sign a six year contract extension worth as much as $100 million. Mike Florio got his hands on the contract and was able to break down the details of Vick's contract. The breakdown reveals a contract worth plenty of money for Vick, but likely significantly less than initially publicized. This is not surprising given the accounting tricks used to make contracts fit under the salary cap, but still worth noting.
Michael Vick Contract Breakdown: Likely No More Than Five-year Deal
The contract is publicized as six years and $100 million, but in reality it will most likely max out at five years and $80 million. The sixth year of the contract is voided if Vick plays in at least 35 percent of the offensive snaps in any year of the deal. If he were to not take part in 35 percent of the snaps between now and year six for any reason other than an injury, it’s safe to say they would have long since cut him.
Under the remaining five-year contract, Vick could make as much as $20 million in 2011, $12.5 million in 2012, $15.5 million in 2013 and again in 2014, and $16.5 million in 2015. The most noteworthy bonus would pay Vick $3 million if the Eagles win the Super Bowl in 2011 or 2012 and Vick participates in 77.5% of the offensive plays during the regular season.
It’s safe to say Vick will be able to pay down most of his debts sooner rather than later. Head over to Bleeding Green Nation where they’re discussing the Michael Vick contract extension.
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