Vick signs 6 yr $100 million deal

[Pythagoras]

Adam Schefter of ESPN reporting


Wow....just wow.........

[mrwho]

wow remember when we thought he was done and ruined his life? hope he learns his lesson and cherish and use his money wisely this time..no 3rd chance prolly...

[PHILLYBIRDS20]

good move frees up more cap space now

[Pythagoras]

guaranteed money is about $40 million

[PHILLYBIRDS20]

they did it so they could get Jackson done also. not a bad signing

[walk066]

A lot of money for a 31 year old QB. Just saying.

[bigsportsguy2006]

walk - only 40 guaranteed ... not 100

[walk066]

Originally Posted by bigsportsguy2006

walk - only 40 guaranteed ... not 100

I know that. But you are banking on Vick. He has not looked like the same QB starting with the 2nd half of last season and this season. The Eagles are going to start two rookies on the line this year and they have not protected him yet.

[justdonating]

Holy shit....I knew they would sign him to a deal, but 6 yrs...WoW!

[Earl]

Originally Posted by walk066

A lot of money for a 31 year old QB. Just saying.

I agree. has only been back in the league for 2 years and has not been that impressive IMO. that is a contract for a 100 million dollars.

[aztriman]

No way Vick is playing at a high level in 6 years. Love his mobility, but there's not a lot of mobile 37-year old QBs - other than Jeff Garcia. Hope he stays healthy for that kind of dough.

[Pythagoras]

It was quite a long shot when Michael Vick filed for bankruptcy in July 2008, but given the new six-year, $100 million contract the Eagles quarterback signed, the creditors are likely going to get back the $20.3 million Vick owes them.

We consulted Paul Campsen, a partner at Kaufman & Canoles and one of the lawyers who worked on Vick's bankruptcy, to help walk us through how the payments would be made to his creditors, which include the Atlanta Falcons ($6.5 million) and a former agent, Andrew Joel ($6 million).

Let's break it down for you.

Vick's adjusted gross annual income, with his new contract, will be somewhere in the $17 million range — we don't know the exact number because his endorsement deals are unknown. Taxes immediately come out, leaving $10.2 million left.

Vick, until 2015, gets to take an allowance of $300,000 for himself. That means that there's $9.9 million left over for creditors. The creditors are paid on percentages based on what Vick makes. The creditors get 10 percent on the first $750,000 ($75,000), 25 percent from $750,000 to $1.75 million ($250,000), 30 percent on $1.75 to $7.5 million ($1.725 million) and 40 percent on $7.5 million to his total adjusted annual income of our hypothetical $17 million ($3.79 million).

Add all of those up and Vick would pay $5.85 million to creditors in a year. According to court documents, Vick started with $20.3 million to pay. He has so far paid of $2.08 million. That means after paying off $5.85 million, he'd owe $12.37 million, which would likely be paid off in two more years considering Vick's endorsement money is very conservative.

So if Vick is still playing for the Eagles in the 2014 season, it likely means his creditors will be made whole.

How does Vick make out? Well, he's allowed to keep the money left over after his creditors are paid off on the schedule made by the court. So next year, he starts with $17 million, takes $300,000 for himself, gives $5.85 million to his creditors, pays taxes and makes after taxes and makes required monthly payments to his ex-girlfriend and his mother, among others. That leaves him with about $3.7 million.

Of that, he has to pay the lawyers and accountants, 50 percent ($1,850,000). Vick can then bank the other $1,850,000, but can't touch it. That means that on a $17 million salary, Vick will net about $1.88 million next year. That means he makes 11 percent of what the Eagles pay him.

Did not realize he stil owed 20.3 million to creditors.

[Classic Rock]

With the bad QB situation in the NFL I can see Vick earning that kind of money

[THE POSTMAN!]

Why not? eventhough not a fan. He is a top 10 qb.

[BigBets]

Originally Posted by walk066

A lot of money for a 31 year old QB. Just saying.

Agree 100% this is to much for a few reasons besides him being 31.

1- his play is reckless, chances are he sits out atleast once a year with an injury.

2- this guy is as evil and as twisted as it gets, you think he will stay out of trouble? not me.

3- he has proven its not in him to perform in the playoffs. 100 mill and no championship is rough.

great job philly.