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Michael Vick is one of the most athletic people to ever play the game of football. He is electrifying, and at any moment, could break off a 40-yard run before defenses knew what happened.
However, in terms of being a quarterback, he is the most overrated player at the position currently in the NFL. Watching Vick play, I believe he still struggles reading defenses, after being in the league for nine seasons, and I can't remember a time when he audibled at the line to a play other than a QB draw.
Before coming to the NFL, he was physically more gifted than the people he was playing against and could rely entirely on his athletic ability. It seemed like he didn't take the other key components of being a quarterback seriously, like studying opponent's defenses.
In 2010, Vick started to show that ability of being a passing quarterback first and using his ability to run as a second option, but has regressed back to his old habits. The problem is that as he gets older, he has become more injury-prone.
For Vick to get to that next level, which he can, he needs to rely more on his arm in 2012 and trust his weapons around him to make plays. Until that happens, he will still be a human highlight reel and exciting to watch, but grossly overrated.