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Falcons receive 3 Million Cap credit for Vick - Polar Bear Jones - 04-30-2012 10:31 PM
Quote:Sources: Falcons get $3M cap credit
By Adam Schefter | ESPN
The NFL recently granted the Atlanta Falcons $3 million worth of salary-cap credits due to the money Michael 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 teammate Asante 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.
RE: Falcons receive 3 Million Cap credit for Vick - ggp - 04-30-2012 10:46 PM
Well, that is like finding a wrinkled twenty in an old pair of jeans. Thanks, Mike.
RE: Falcons receive 3 Million Cap credit for Vick - Beef - 04-30-2012 11:11 PM
Well that might just be Ovie's saving grace. Although I still don't see us keeping 2 FB's on the 53 and certainly not dressing on the 46. Cox is definitely gone though.
RE: Falcons receive 3 Million Cap credit for Vick - pauliwood - 05-01-2012 12:14 AM
LMFAO, so your telling me that THIS YEAR we get an additional 3 mill in cap space?
The same year we got dangerously close to or over the cap?
The same year that the Saints were essentially gutted?
All because Mike Vick fought dogs?
This is so fucking priceless. you couldn't write this any better. Thank you football karma, thank you from the bottom of my heart.
RE: Falcons receive 3 Million Cap credit for Vick - ChrisD - 05-01-2012 12:51 AM
I never thought I would be so happy about a 2004 signing! I'm so thankful that the Falcons signed Mike Vick to a 10 year, $130M contract in 2004.
As said before me, this is absolutely priceless. I believe this added cap space puts us over what we need to be able to keep all our current contract players with the addition of Asante Samuel. I'm almost forced to assume that Dimitroff knew about this $3M cap credit before he went after Samuel. People will try to make it seem like it's not a big deal, but that $3M could be the difference between being knocked out of the playoffs in round 1, and winning our first playoff game and possibly more.
I'm sure there will be a few Saints, Panthers and Bucs fan crying about all of this knowing that without this credit, we were likely to go over the cap.
RE: Falcons receive 3 Million Cap credit for Vick - phocis850 - 05-01-2012 01:49 AM
Doubt there was any problem making things work without this nice little addition. But, I'm sure there was a plan if it didn't come through. Now that it has, they have room to sign some guys and maybe make a last minute move if necessary.
RE: Falcons receive 3 Million Cap credit for Vick - Drathdon - 05-01-2012 02:25 AM
Christmas in May!