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Michael Vick deal: He'll give up $1M to stay in Philly

Michael Vick's deal with the Eagles cuts his package by $1 million dollars, but the deal gives him a chance to reclaim his position as starting quarterback. Prior to the deal, many had speculated that the Philadelphia Eagles would drop Michael Vick from their roster.

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Philadelphia Eagles quarterback Michael Vick, center, drops back to pass as quarterbacks Trent Edwards, left, and Nick Foles look on during NFL football practices at the team's facility in Philadelphia last September. Vick, who was slated to earn almost $16 million next season, has agreed to a restructured deal with the Eagles.

Matt Rourke / AP / File

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In Michael Vick's new deal, he takes a significant pay cut to stay with the Philadelphia Eagles and compete for a starting job.

The four-time Pro Bowl quarterback agreed Monday to a restructured three-year contract with the Eagles, just two seasons after signing a $100 million extension that included $35.5 million in guaranteed money. The new deal is essentially for one year, however.

A source familiar with the contract said Vick could earn up to $10 million in 2013 if he meets all his performance incentives, and the team will void the remaining two years on March 15. That person spoke on condition of anonymity because the terms haven't been released.

Vick was slated to earn about $16 million next season, including a $3 million roster bonus. He lost his starting job to rookie Nick Foles last season, but new coach Chip Kelly will give him a chance to win it back.

"I am grateful and proud to be a Philadelphia Eagle," Vick wrote on Twitter. "My heart is in Philly and this community is important to me."

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