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YoungHeezy, May 1, 2012
Posted May 1, 2012
Credit from Mike Vick
3 million dollar credit according to Adam Schefter via Twitter
The NFL recently granted the Atlanta Falcons $3 million worth of salary-cap credits due to the money Michel Vick owed the franchise after the quarterback declared bankruptcy following a conviction on dogfighting charges while a member of the Falcons, according to league sources.
The Falcons signed Vick to a 10-year, $130 million deal in 2005 that made him the top-paid player in the league then. But Vick lost it all when he went to jail and he eventually filed for bankruptcy.
As part of his $20 million settlement, Vick was ordered to repay part of his signing bonus from that deal to the Falcons.
It is unknown exactly how much money the Falcons received from the total that Vick owed, but Atlanta had been seeking the credits for months. The NFL granted the credits in March, shortly before the start of the new league year on March 13.
Atlanta began pursuing the credits shortly after Vick signed a six-year, $100 million deal that included $35 million worth of guaranteed money with the Philadelphia Eagles last summer.
Vick's contract with the Eagles meant he would be well positioned to clear all of the creditors listed in his original bankruptcy, of which the Falcons were biggest.
Atlanta has had a busy offseason. The Falcons traded for Vick's former Eagles teammateAsante Samuel, re-signed John Abraham and Thomas DeCoud, used its franchise tag on Pro Bowl cornerback Brent Grimes and signed free-agent linebacker Lofa Tatupu.
Worse mistake we ever made.
wonder if we already used that for Asante or not
We used the money we got from Blalock redoing his contract.
If we cut ovie after june 1st that will give us close to 7 mil in space.
I hate having regrets. . . hindsight is . . .. . .
NopeWe used the money we got from Blalock redoing his contract.If we cut ovie after june 1st that will give us close to 7 mil in space.
dont think we can cut Ovie if he is injured unless we reach an injury settlement
This is excellent news right now. Some room to make another move and sign all the rookies.
I don't see the mistake in pursuing salary cap credit
Man, that took for-e-ver.
Jake Long. A guy can dream. ; )
send a 3rd round pick for Osi. now...
I don't look at it that way. We had some really good and exciting years with Vick. It ended horribly but without it we probably wouldn't have landed Ryan. 2007 was awful but it led to the stability we have now.
Heck I forgot about that. We may be able to. I'm not sure if the front office knew this was coming, but if they didn't, then they had been planning the whole time to sign them with whatever we had left. Now that we have an extra 3.5 million +, it's kind of just waiting there to be used. Though I bet they just keep it for next year.
Can it just be kept for next year?
wow our salary cap situation keeps getting better by the day. as already stated, we can cut ovie and get upwards to 7 mil. and if Sam Baker doesn't step up that's another 3 mil or so we can save for this year.
we can really make some moves.
Not to mention if you get Grimes signed up, it'll reduce the hit this year more than likely. We'll probably sign up Ryan before the season too or early.
make a moooooove baby!!!
do we have the option to use it this year or next?
Could use it as part of a contract extension, like they did with Gonzo last year.
I would personally like it if we took a look at the FA pool and attempted to bring in a TE.
nevermind, I was talking out of my azz