ESPN's Adam Schefter reports the Eagles have worked out a restructured contract with Michael Vick, and will keep him for 2013.

"I feel like this is the perfect situation for me," Vick told Yahoo sports.  "After talking with Chip (Kelly) and looking at the offense, I wanted to be here."

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Vick could make as much as $10 million next season under the one-year deal, according to a league source. The one-year deal contains a $3.5 million base salary and a $3.5 million signing bonus, along with $3 million in incentives.

Vick is set to earn an easy $7 million, as the signing bonus will be paid in full by April 15. The $3 million available via incentives shakes out accordingly: $500,000 in roster bonuses with $31,250 for each game he's on the active game-day roster, $1.5 million if he participates in 90 percent of the offensive snaps, and another $1 million if the Eagles win the Super Bowl and Vick plays in it.

This contract replaces the long-term contract Vick had signed in 2011 and he now is scheduled to be a free agent after next season.

The news makes Vick the obvious favorite to pilot Chip Kelly's offense, but both many still are speculating that the Eagles will bring in competition for him.  However, Kelly made it clear on Monday that Vick will have to compete to retain his starting job for 2013.

"There’s an open competition," Kelly said. "Nick knew every step of the way what we were doing."

While the news will infuriate Eagles fans all over the Delaware Valley, the Eagles really didn't have much of a choice.  The team hired Kelly for his fast-paced, innovative offense, something that didn't particularly fit Nick Foles talents.

There is still a possibility I guess that the Eagles could try to trade Vick now that his contract is more attractive, however, the feeling here is that is doubtful.  I have said from the start the the Eagles only move here was to bring Vick back on their terms - and that's exactly what happened.

Last season, Vick, who turns 33 in June, passed for 2,362 yards, 12 touchdowns and 10 interceptions in 10 games last season, his fourth with the Eagles.


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