UPDATE: Via the Philadelphia Eagles' official press release:

"The Philadelphia Eagles today announced they have signed QB Michael Vick to a one-year contract. Vick was designated as the team’s franchise player on February 15.

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 2^nd 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."


From Earlier:

According to Jeff McLane of the Philadelphia Inquirer, Philadelphia Eagles quarterback Michael Vick will sign his one-year franchise tender Wednesday.

Signing the tender will guarantee Vick a one-year contract at roughly $16 million -- the average of the top-five highest-paid quarterbacks in the league.


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As expected, the Philadelphia Eagles have decided to place the franchise tag on quarterback Michael Vick.

Rules of the franchise tag say that Vick will be given a one-year contract -- 100 percent guaranteed -- that will pay him the average of the top five highest-paid quarterbacks in the league.

Once Peyton Manning signs his monster extension and brings that average up a little bit, my guess is that Vick will make somewhere in the area of $15-18 million next season.

In an unexpected move, the Eagles also exercised their right under the rules of an uncapped season and slapped the transition tag on kicker David Akers.

In most seasons, they would have a choice of one or the other, but since there is still no salary cap they're free to use both -- for the time being. Once a new CBA is agreed upon, it's very likely that it will include the "one or the other" rule, so Akers' transition tag could become void at that point.


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