CBS Sports NFL Insider Jason La Canfora reports the deal is worth upwards of $10 million for 2013 (Vick was previously scheduled to make $15.5 million this season) and Vick will be eligible for unrestricted free agency in 2014. The $10 million is comprised of Vick's base salary, roster bonus, signing bonus and possible incentives, La Canfora reports.
Vick's status was very much up in the air, though CBSSports.com's Mike Freeman recently reported that new coach Chip Kelly "likes the idea of keeping Vick (at a cheaper price) but genuinely doesn't know exactly what he has with the quarterback."
Clearly Kelly was intrigued enough by the idea of Vick running his system that he was willing to keep the quarterback.
There's genuine excitement at the idea of Vick in Kelly's high-powered and fast-paced offense (as there should be), but at least based on the Eagles announcement of the restructured deal, there's no guarantee that Vick is locked for a starting job.
"Like every other player on the Eagles roster, Vick will compete for a role on the team in 2013," the news item on PhiladelphiaEagles.com reads. "Kelly is also excited about the future of second-year quarterback Nick Foles, who supplanted Vick as the starter in the second half of the 2012 season after Vick was sidelined by a concussion."
Last week the Eagles made the decision not to cut Vick ahead of a deadline that guaranteed him $3 million toward his 2013 salary, though they did have several outs via trade and releasing him.
For more NFL news, rumors and analysis, follow @EyeOnNFL on Twitter, subscribe to our RSS Feed watch Pro Football 360 daily at 3 p.m. ET and NFL newsletter. You can follow Will Brinson on Twitter here: @willbrinson.