It goes without saying that Michael Vick devastated this Atlanta Falcons franchise just a couple years ago with that whole dog-fighting thing.
But in 2011, the Atlanta Falcons former enemy is turning into to one of their most important friends. The Falcons want Vick to succeed and they want him to sign a huge contract extension.
The reason—he owes upwards of $20 million dollars to his creditors. The Falcons, his former employer, is one of the groups that he owes money to.
In 2005 the Falcons offered and agreed to a contract with Vick worth $130 million dollars over 10 years with $37 million dollars in guaranteed money.
Vick is now being forced to pay back part of that money to the Atlanta Falcons. The Falcons took a $7 million dollar hit against the Salary Cap in 2009, but faced no penalties this past year and will not face any further penalties in the future.
In 2009, Vick signed a deal with the Philadelphia Eagles. From an ESPN article in 2009:
The first year of the deal is for $1.6 million with the second-year option worth $5.2 million, sources told ESPN’s Chris Mortensen. Vick can also earn an additional $3 million in incentives over the two years of the contract, sources told ESPN.com’s Len Pasquarelli.
With Vick currently playing at an MVP-caliber level, the Philadelphia Eagles or another team are likely to offer Vick a huge contract following the current NFL season.
Whether you like it or not, I know I don’t, Vick is still a major part of this franchise. But for now, we want him to succeed—well until he signs that next big contract.
Tonight, ESPN Radio’s “The Sporting Life” will air an “Outside The Lines” piece on Michael Vick’s debt. Below is an audio clip previewing what Vick’s success means to his creditors—the Atlanta Falcons.