For the second time in his NFL career, Michael Vick has signed a nine-figure deal.
This time, the money comes from the Philadelphia Eagles, who officially made him the face of the franchise and placed him among the NFL’s top tier of quarterbacks with a six-year, $100-million contract in which $40 million is guaranteed. This contract replaces the one-year franchise tender the team had placed on him in February. The Eagles faced a Sept. 20 deadline by which to either sign Vick to a new contract or wait until after the season to re-sign him, so there was little doubt that this deal was going to get done. There was even less doubt that it would be eye-popping.
As thrilling as that kind of money may be, though, there’s always a long line of people waiting to take part of it — and not just in a Patrick Ewing “we make a lot but we spend a lot, too” way.
Vick had signed a 10-year, $130-million deal in 2005 with the Atlanta Falcons, but forfeited most of the remaining money in 2007 when he was sentenced to 18 months in prison for his role in a dogfighting ring. He subsequently declared bankruptcy and has a lengthy list of creditors.
ESPN’s Lester Munson reported last December that Vick has a monthly budget as part of an intricate, court-approved reorganization plan for his finances. Munson reports that the more Vick makes, “the higher the percentage that goes somewhere other than into his pocket.” This means, according to Munson, that Vick owes 40 percent of any income over $10 million to creditors. The plan provides for total payments to creditors of more than $12 million by 2015.
Vick had no comment Monday; a press conference is scheduled for this afternoon.
Video: Vick’s new deal
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