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Eagles, Michael Vick agree to restructured contract

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Michael Vick agreed to a restructured contract (Getty Images)

The Philadelphia Eagles announced that they have agreed to a restructured contract with veteran quarterback Michael Vick.

Details of the restructured agreement were not disclosed. Eagles first-year head coach Chip Kelly is scheduled to address the media at 1 p.m ET.

According to Jeff McLane of the Philadelphia Inquirer, Vick has signed a three-year contract which, for salary cap purposes, will void to a one-year deal on March 15. Vick, who will turn 33 in June, signed a five-year, $80 million contract on Aug. 30, 2011 that included a $15.5 million base salary and $16.9 million cap number for the 2013 season. $3 million of Vick's base salary became fully guaranteed when the four-time Pro Bowler remained on the Eagles' roster on the second day of the 2013 waiver wire period, which began on Monday, Feb. 4.

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Multiple reports have Vick's reworked deal being worth a maximum of $10 million, which is an indication that Vick will be able to recoup some of his pay cut through performance incentives, with the trade off being that he will be eligible for unrestricted free agency in 2014.

Vick started just 10 games in 2012, completing 204-of-351 pass attempts for 2,362 yards with 12 touchdowns and 10 interceptions for a passer rating of 78.1, adding 332 yards and a touchdown on the ground. Vick missed a few weeks late in the season due to a concussion. With the Eagles out of playoff contention when Vick was healthy enough to play, former head coach Andy Reid opted to remain with 2012 third-round pick Nick Foles at quarterback as Vick was inactive as the No. 3 quarterback. Foles suffered a season-ending injury in Week 16, which led to Vick starting the regular season finale.

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Under Kelly, Vick and Foles are expected to compete for the starting job in 2013, a battle that could include Dennis Dixon, who was the Pac-10 Offensive Player of the Year in 2007, Kelly's first season as offensive coordinator at the University of Oregon. Dixon finished the 2012 season on the Baltimore Ravens' practice squad, but is free to sign a "Reserve/Futures" contract with any team and there's reportedly mutual interest.

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