I watched the show the Michael Vick experience I think and homie was in bankrupt and hella in debt, so I can see him doing it! LOL
http://www.ajc.com/sports/atlanta-falcons/creditors-could-win-from-858659.html?printArticle=y
Creditors could win from Michael Vick contractBy D. Orlando Ledbetter
The Atlanta Journal-Constitution
8:03 p.m. Wednesday, March 2, 2011
Philadelphia Eagles quarterback Michael Vick may have climbed back up the financial ladder to elite status in the NFL, but in the end, the real winners could be the creditors in his federal bankruptcy case.
Vick, once a star for the Falcons, signed a franchise tender with the Eagles on Wednesday that could pay him $16 million to $20 million for the 2011 season, barring a lockout. The exclusive franchise-rights tender requires that he receive the average salary of the top five highest-paid quarterbacks in the league.
His pay will increase to the $20 million figure if Indianapolis Colts quarterback Peyton Manning signs his franchise tender (worth $23 million) or works out a long-term contract.
The "exclusive" tag bars Vick from talking to other teams once free agency begins. However, the players' union has argued that franchise tags are invalid because of the current labor strife.
On July 7, 2008, Vick filed for bankruptcy, citing debts ranging from $10 million to $50 million. He reportedly still owes his creditors about $20 million.
He was allowed to keep $300,000 of the $6.8 million he made from the Eagles over the past two seasons.
The federal dogfighting case sent Vick's once-promising financial situation spiraling downward.
He signed a $62 million deal that included a $15 million signing bonus after being selected No. 1 overall by the Falcons in 2001. On Dec. 23, 2004, Vick signed a 10-year contract extension that was to bring him $130 million. The deal included a whopping $37 million signing bonus.
However, the dogfighting indictment and subsequent guilty plea in 2007 led to his suspension from the league and cost him at least $60.54 million -- a base salary of $9 million and a bonus of $6.43 million in 2009 plus the remainder of the contract, which was worth $45.11 million. He could have earned an additional $3 million in Pro Bowl bonuses.
His outside income from endorsement deals with Nike and AirTran Airways also dried up.
After missing two seasons and serving 18 months in federal prison, Vick was released by the Falcons in June 2009 after they couldn't find a trade partner. In August 2009, after being mentored by former NFL coach Tony Dungy, Vick signed with the Eagles. He made $1.6 million in 2009 and $5.2 million last season.
In April 2010, the Eagles traded quarterback Donovan McNabb. Coach Andy Reid declared Kevin Kolb the starter. However, after Kolb was injured in the season opener, Vick replaced him and earned the starting job.
Showing a steadier hand in the pocket and a more accurate passing arm, Vick guided the Eagles to a 10-6 mark and helped them win the NFC East title.
He was absolutely dazzling at times as he set career highs for passing yards (3,018), touchdown passes (21) and rushing touchdowns (nine). He also missed four games because of injuries brought on by his inability to learn to slide and protect himself.
Since signing with the Eagles, Vick, other than a random shooting at a birthday party he sponsored, has been a model citizen. He has worked with the Humane Society of the United States and talked to school and community groups about the cruelty of dogfighting.
For his play and his plight, he was named the league's comeback player of the year.
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Vick financial timeline
May 2001: Vick signed a six-year, $62 million contract.
December 2004: Vick signed a contract extension that was to pay him as much as $130 million by 2013.
June 2007: During a drug-related investigation of Vick's cousin, Davon Boddie, police found evidence of illegal dogfighting at Vick's home in Virginia.
July 2008: Vick filed for protection from his creditors in U.S. Bankruptcy Court in Norfolk, Va. He valued his assets at $16 million, his debts at $20.4 million.
May 2009: Vick is released from jail.
August 2009: Vick signs two-year contract with the Philadelphia Eagles.
March 2011: Vick signed a franchise tender with the Eagles that could pay him $16 million to $20 million for the 2011 season barring a lockout.
