Mike Florio of Pro Football Talk breaks down the particulars of Mike Vick’s new contract in his latest posting over at PFT. According to Florio Vick will receive
$3.5 million in base salary, $3.5 million as a signing bonus and a slew of incentives to max the contract out at $10 million. The easiest to achieve is the $500,000 in gameday active roster bonuses and the most difficult a $1 million dollar bonus if the Eagles win the Super Bowl and Vick sees significant playing time. Since Vick was active for 10 games last season his 2013 cap will reflect a $312,500 roster bonus charge. The balance will be treated as a “not likely to be earned” incentive in 2013.
Most have reported that this will be a 3 year contract that voids after one season. This structure is done for prorating bonus money more effectively. Going with that premise I have the new numbers up for Vick on the site. The new deal saves the Eagles $10,020,834 in cap room to spend in free agency in 2013, reducing Vick’s cap charge from $16.9 million to $6.879 million. His dead money charge in 2014 will rise from $2.8 million to $5.133 million making the renegotiation a net cap gain over two years of $7.6875 million for Philadelphia.
There is a possibility that the contract contains 3 dummy years rather than 2. If that is the case his cap number will fall to $6.0875 in 2013. As we find out more on the backend void structure we will update the cap figures, but for now this should paint a clearer picture of the Eagles cap situation.
Jason is the founder of OTC and has been studying NFL contracts and the salary cap for over 15 years. Jason has co-authored two books about the NFL, Crunching Numbers and the Drafting Stage, which are widely circulated in the industry and hosts the OTC Podcast. Jason’s work has been featured in various publications including the Sporting News, Sports Illustrated, NFL Network and more. OTC is widely considered the leading authority on contract matters in the NFL.