Michael Vick's new contract worth $10 million, according to report

Michael Vick's contract could be worth up to $10 million. (Christian Petersen/Getty Images)

Michael Vick's new, restructured contract with the Philadelphia Eagles is worth up to $10 million, including a $7 million base, Pro Football Talk's Mike Florio reported on Monday.

The deal includes $3 million in incentives, according to the report. Some of the incentives featured are $500,000 in roster bonuses, $1.5 million if he plays in 90 percent of the team's offensive snaps, and the big one: $1 million if the Eagles win the Super Bowl.

Vick and the Eagles announced the restructured contract on Monday after speculation the Eagles would try to trade Vick or outright release him this offseason. Vick was scheduled to make $16 million next season.

Vick was injured and inconsistent last season before being replaced by rookie Nick Foles midway through the season. On Monday, new Eagles head coach Chip Kelly promised an open competition between Vick and Foles for the starting quarterback job.

"There's an open competition," Kelly he told reporters in a press conference. "Michael knows that. Nick knows that. Nick knew every step of the way what we're doing. ... Who the starting quarterback is to start the season off is going to be won on the practice field."