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| Falcons(Getty Images) |
When Michael Vick eventually settled his bankruptcy case, it was ruled that he had to reimburse the Atlanta Falcons for his signing bonus in the 10-year, $130 million deal they gave him in 2005. In order to assist the Falcons in recouping some of their losses from the Vick debacle, the NFL reportedly gave the team $3 million in cap credit.
That's according to Adam Schefter of ESPN, who reports that the Falcons received the credits in March (prior to the start of the new league year on March 13) and that the team sought to receive those credits for quite some time.
Schefter writes that it's "unknown exactly how much money the Falcons received from the total that Vick owed" which, I presume, means Vick never paid the full amount back. When he signed the deal, Vick was reportedly given a signing bonus of $7.5 million and total bonuses of $37 million.
The Falcons wanted Vick to pay them $20 million of that, but eventually settled on less. When they released Vick, they took a cap hit of $7.5 million.
It appears that they'll now receive a little relief from the hefty price they paid after a big-time investment in Vick panned out worse than an Enron stock shopping spree.
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