The big winner with the franchise tender Michael Vick signed on Wednesday will likely be his creditors.
The one-year contract is expected to pay him at least $16 million, and the deal could push $20 million for the 2011 season. Vick will be able to keep only a fraction of that.
According to D. Orlando Ledbetter of the Atlanta Journal-Constitution, Vick was allowed to keep $300,000 of the $6.8 million he earned with the Philadelphia Eagles over the past two seasons. That’s the not-so-hidden fallout from his federal dogfighting case that led him to spend a year-and-a-half in federal prison. When Vick filed for bankruptcy in 2008, he cited debts ranging from $10 million to $50 million. Per the report, he still owes creditors about $20 million.
If those numbers are accurate, it would appear that Vick might be able to handle the majority of his debts this coming season. If so, he could start working toward rebuilding the massive savings that was wiped out by his troubles.
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Brad Biggs covers the Bears for the Chicago Tribune