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.