Philadelphia Eagles quarterback Michael Vick agreed to a restructured contract, three years worth up to $10 million, with the team for the 2013 season.
Vick was supposed to earn $15.5 million for the 2013 season before news of the restructured contract was announced.
But the new three-year contract is essentially a one-year deal being that it voids to one year on March 15, according to NFL.com. Vick will be available for free agency in 2014.
Despite the new deal, it is still uncertain whether Vick will be traded eventually, become the Eagles' starting quarterback or play backup to Nick Foles.
"There's an open competition. Michael knows that, Nick knows that," Eagles' new head coach Chip Kelly said at a Monday press conference. "Nick knew every step of the way what we were doing. I specifically wanted to make sure Nick was included in the plans. I think both of them have outstanding qualities in terms of being quarterbacks in this league. Both of them have started in this league."
Kelly also said that the starting quarterback position would be decided based on Foles' and Vick's performance during practice.
"I also know in this league you'd better have two (quarterbacks). So I'm excited about the two of them. They're both going to compete, and who the starting quarterback is to start the season off is going to be won on the practice field," he said.
And Vick said that he is excited about the new deal.
"I am grateful and proud to be a Philadelphia Eagle. My heart is in Philly and this community is important to me," he said in a statement. "I look forward to playing for Coach Kelly, Jeffrey Lurie and the entire Eagles organization, the city of Philadelphia and the fans. I am training hard this offseason and will be ready for Coach Kelly's team vision and leadership. Our goal is to win."
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