The headline yesterday was eye popping. Michael Vick signed a brand new six year, $100 million contract with the Eagles. However, as in almost all NFL contracts, the truth is not really in that final number. As Pro Football Talk discovered, the reality of Vick’s contract is not as gaudy as the $100 million figure suggests. In fact, they put the true value of the contract at five years and $80 million.
The key clause in the contract is that the sixth year voids if Vick takes 35% of the snaps in any given year of the deal. Meaning, it’s all but guaranteed that the 6th year won’t happen. That shaves off about $20 million from the overall value of the deal.
It also includes $35.5 million in guarantees, which is less than the initially reported $40 million. If you look at how the guarantees are spread, you could also say that the deal could only be worth 3-years and $48 million should the Eagles choose to get out early.
There are some good incentives for Vick however, should the Eagles win the Superbowl this year or next, he gets a $3 million bonus. Plus, if the team keeps him into the 4th and 5th year of the deal, he’ll stand to make another $32 million in base salary. Here’s the year by year breakdown of the payout. These are not cap hits mind you, just what he’ll be paid. The cap hit will be lower.
2011 – $20 million
2012 – $12.5 million
2013 – $15.5 million
2014 – $15.5 million
2015 – $16.5 million