The Philadelphia Eagles they have signed QB Michael Vick to a one-year contract. Vick was designated as the team’s “exclusive” franchise player on February 15.
As an exclusive franchise player, Vick was prohibited to sign a contract with another team. Vick, who turns 31 in June, will receive minimum average of the top-five salaries at the quarterback position of the current year (usually around mid-April) or 120 percent of the player’s previous year’s salary, whichever is greater.
And once he signed the franchise tender, the entire salary becomes guaranteed. The non-exclusive franchise number for quarterbacks for the 2010 season was $16.405 million. The highest-paid quarterback on an average per year basis is Tom Brady at $18.007 million. It's expected that when Indianapolis Colts QB Peyton Manning signs his new deal with the team, his contract could eclipse $20 million per season.
Vick enjoyed his finest season as pro in 2010 with career highs in QB rating (100.2), completion percentage (62.6), and passing yards (3,018) while becoming just the 2nd player in league history to throw for 3,000+ yards, rush for 500+ yards and accrue a 100+ QB rating in one season, joining Steve Young (1992).
Along the way, Vick earned a starting spot on the NFC Pro Bowl squad while garnering NFL Comeback player of the year honors.