UPDATE (11:15pm ET): There is considerable news this evening after the Vick signing. Andy Reid has just concluded his press conference, and details of that presser are forthcoming.

As we find key quotes and details, and other information surfaces, we will be updating our Twitter account often until late this evening. You can see our Tweets by selecting the tab to the left of the site, or directly on Twitter @BizofFootball. Here are some early details from the Reid presser at Eagles headquarters:

• Vick will address the media Friday at 11am. The press conference will be streamed live of PhiladelphiaEagles.com.
• Vick will practice with the Eagles on Saturday
• McNabb: "There's no threat for me. There's no threat for Kolb.  It's an opportunity to add another weapon to our offense, and our team."

Michael Vick, who completed his Aug. 2007 sentence for conspiracy and running a dogfighting operation, and was conditionally reinstated by the NFL in late July has been signed by the Philadelphia Eagles to a one-year deal with an option year. The signing was first reported by Chris Mortensen of ESPN. Vick's agent, Joel Segal, has confirmed the signing.

Jay Glazer of FOXSports.com reports that "Vick will make $1.6 million for the first year of the deal. The Eagles have an option on the second year for $5.2 million."

According to Mortensen, the $1.6 million in the first year of the deal matches what the UFL was offering.

Vick may not be allowed to play immediately, based on the terms of his conditional reinstatement by the league. He will be considered for full reinstatement and to play in regular-season games by Week 6 (October 18-19) based on the progress he makes in his transition plan.

With the option-year in play, the deal might best be considered a one-year contract, and technically less than that, based upon the league's conditional reinstatement that would have him available for play no sooner than Week 6. Over the course of the season, the Eagles will be able to gauge the PR hit, and see how the dynamic plays out with quarterbacks Donavan McNabb, A.J Feeley, and Kevin Kolb (Vick is already listed on the Eagles roster). As to the latter, Kolb will most assuredly be moving down the depth chart as the Eagles look to see how Vick works into the system.

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Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network (select his name in the dropdown provided).

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