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Monday, April 30, 2012
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 the 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.

Information from The Associated Press contributed to this report.