Here's the blurb:
The Falcons signed him to a ten-year contract on December 23, 2004. The deal is worth $130 million and includes signing bonuses that total $37 million. The deal extends Vick's rookie contract by six seasons. Base salaries for his new contract are: $600,000 (2005); $1.4 million (2006); $6 million (2007); $7 milllion (2008); $9 million (2009); $10.5 million (2010); $13.5 million (2011); $13 million (2012); $15 million (2013); and $17 million (2014). He received an initial signing bonus of $7.5 million. Vick also received two roster bonuses in the new deal. The first is worth $22.5 million and is due in March 2005. The second is worth $7 million and is due in March 2006. Both roster bonuses will be treated as signing bonuses, giving Vick cap figures of (rounded to nearest thousand): $3.6 million (2005); $5.178 million (2006); $9.778 million (2007); $10.778 million (2008); $12.778 million (2009); $14.278 million (2010); $17.278 million (2011); $16.778 million (2012); $18.778 million (2013); and $20.778 million (2014).
Basically, looking over this deal it seems to me that in essence we added 2 more years to Vick's original rookie contract. I figure the Falcons will approach Vick with a restructuring come 2011, when his cap hit is over $15 million. By then the salary cap may be upwards of $100 million, but still that is a large portion to be paying a single player.
But the Falcons did make something good out of this deal. Had the Falcons stuck to Vick's rookie contract and made a $5 million payment to reinstate the final 4 voided years, they would have paid Vick $35.6 million over that 4-year span. Under the new contract, Vick will get only $29.333 million, which is about a $6.2 million savings. Not a whole lot when compared to the enormity of Vick's deal, but $6.2 million is a lot of money when trying to fill out a roster. That equates to 1 veteran with a monster contract, or to maybe 15-20 low-level salary players, such as rookies, undrafted free agents, and 2nd/3rd year guys.