New Philadelphia Eagles coach Chip Kelly has examined Michael Vick's game film and Kelly apparently likes what he sees.
Fox Sports insider and NFL Network contributor Jay Glazer first reported that Vick and the Eagles have worked out a restructured contract. The Eagles website quickly confirmed the move.
The team's website headline is telling: "Vick stays to compete for job."
Nothing is guaranteed for Vick. Second-year pro Nick Foles remains a promising option and it wouldn't be a surprise if Kelly added another interesting name to the mix. Vick will clearly take a pay cut from his previous $15.5 million contract, but the financial terms remain unclear. NFL.com's Albert Breer reports that Vick's contract is a three-year deal that voids to one year on March 15. (So it's essentially a one-year deal, making Vick eligible to be an unrestricted free agent in 2014).
Don't be surprised if Vick's deal include a lot of incentives that recognize how unclear his role is at the moment.
This marks a sensible move for both sides. Vick knows that he's not going to find a better situation than the one in Philadelphia with Kelly and a talented group of skill position players. Kelly knows he's not going to easily find a better option on the free-agent market.