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 2nd 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."
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.
The NFLPA has claimed that the tag is invalid in the absence of a CBA, but it doesn't really change anything since players cannot change teams without a CBA active and in place. And once a new CBA is in place, it will likely include the franchise tag in one form or another.
So either way, Vick will be an Eagle for at least 2011, and most likely, longer than that as the team has expressed an interest in locking him up long-term.
"We have interest in him long-term," Eagles' president Joe Banner told reporters when the tag was placed on Vick. "We wouldn't be sitting here and putting a franchise tag on him if he's somebody that we weren't very excited about."
If Vick can continue to progress as a quarterback behind what should be an improved offensive line, there's no telling what he will be able to accomplish. Vick showed an ability to move around in the pocket, outside the pocket and did an excellent job of standing tall and delivering the pass no matter where he was.
Unlike his days in Atlanta, Vick was a true quarterback and not just a running back with a strong arm.
Vick will also have an entire offseason (pending a new CBA in time to salvage the offseason) to prepare as the starting quarterback and take reps with the rest of the starters—a privilege he was not given last season as Kevin Kolb took all the meaningful snaps in practice and in the preseason.
There is a lot of pressure on Vick to put it all together in 2011, and a lot of heads—including his and Andy Reid's—could roll in 2012 if he's not successful.