Vick's deal is restructured and voids his six-year, $100 million deal, which he signed before the 2011 season. The exact values of the deal have not yet been reported, but Vick can still earn up to $10 million based on performance-based incentives.
Kelly said that Vick will compete with last year's rookie, Nick Foles, for the starting job in 2013 but he can still be released before the start of the new football season.
In 2012, Vick led the Eagles to three come-from-behind victories in the first four games. But he won just one of his final six starts before losing his job after sustaining a concussion.
His season numbers include 12 touchdowns, 10 interceptions and five fumbles lost. That's 15 turnovers in 10 starts. Vick's play was the biggest reason why the Eagles offense played so poorly in 2012.
But Foles struggled too. He won one of his six starts, throwing just six touchdown passes in 265 attempts. He threw just five interceptions, including a streak of 169 consecutive passes without an interception.
Neither quarterback had the luxury of playing with a dependable offensive line last season.
Left tackle Jason Peters missed the entire season after tearing his Achilles. Peters was a first-team All-Pro in 2011 and is widely regarded as one of the best offensive linemen in the league. Center Jason Kelce tore his ACL in week two and missed the remainder of the season. And right tackle Todd Herremans missed the season's last eight games with a foot injury.
Running back LeSean McCoy, wide receiver DeSean Jackson and tight end Brent Celek also missed time with injuries. At one point in the season, the Eagles had just one of their 10 projected offensive starters healthy (not including fullback Stanley Havili, who plays in about 25 percent of snaps).
Training camp sure will be interesting for the Eagles. It's worth noting that Vick stole the starting job away from Kevin Kolb early in the 2010 season. He went on to win the Comeback Player of the Year award and the Eagles collected their sixth NFC East division title in the Andy Reid era.
You've got to wonder if the job is Vick's to lose. He has a major advantage over Foles with his speed and Kelly loves mobile quarterbacks.
Regardless, whichever quarterback the Eagles use in 2013, the team should have a run-first philosophy. LeSean McCoy and Bryce Brown make up one of the more talented running back duos in the game and both Vick and Foles would be much better suited as a game manager than a playmaker.