But as has been reported for a while now in Philadelphia, this does not mean the Eagles are on the hook for that $3 million. They can still release him up until March 12 and be free from responsibility for that money, unless he fails to sign somewhere else for at least that much. If the Eagles cut Vick and he doesn't find work elsewhere, they'll owe him the $3 million. If he signs somewhere else for less than $3 million, the Eagles will owe him the difference. Given Vick's résumé and the state of quarterbacking in the NFL, that certainly seems like a risk worth taking for the Eagles, who are in the midst of a decision-making process about their own quarterback situation.
I still think it's unlikely the Eagles keep Vick for 2013, even if he agrees to restructure for less than the $15.5 million. All the stuff about a running quarterback in Chip Kelly's offense ignores the facts that (a) Vick doesn't run like he used to run and (b) Kelly's offense, whatever form it will take in the NFL, is more reliant on a good decision-maker than it is a fast runner at quarterback.
However, since there's some stuff in Vick's history to suggest he could be an asset to a Kelly-designed offense, and since it's not likely to cost them anything, they will hang onto him for a while and see whether he indeed turns out to be the best of their not-very-excellent options at the most important position on the field.