News broke yesterday that Michael Vick signed a new $100 million ($40 million guaranteed) contract with the Philadelphia Eagles. From the outside looking in, it seems like he's finally returned to the pinnacle of his sport (at least financially) after doing jail time for dog fighting charges, making animal lovers and the crazy asses at PETA lose sleep (quick sidenote: am I crazy for thinking less of celebrities that do PETA ads? Like Nia Long did one of those naked ads and I find her less attractive now. Not for physical reasons, but because I'm 99% sure she's crazy like the rest of PETA). But a deeper look in to his financials will reveal the truth: this $100 million won't make Mike Vick rich (take a look at this ESPN article on the subject). Vick had to file for bankruptcy during his bid at Leavenworth so the creditors are on his ass. Compound that with the fact he had to give the Atlanta Falcons $20 million of his bonus back and that makes for a broke football player with a lot of debts. In his debt restructuring the court put Mike on a strict montly budget, starting with a smooth 10% that goes to various creditors. That amount goes up the more he makes a year, so that'll turn into 40% once he gets his new paycheck. He has allowances for other expenses, such as his mortgage, private school for his kids, and support for his ex-girlfriend and their child together. After all is said and done, Vick has a personal allowance of $3750/month. To the average joe that's a nice haul (especially after taxes) but when your contract is for $100 million that ain't shit....thats .27% of what he's supposed to make per month (given he earns the whole $100 million). To go even further, if he just earns the base $40 million, he'll still owe his creditors. So for all of you all that think that Michael Vick shouldn't be making millions for what he did to dogs, the reality is he isn't doing much better off that most of us. Meet Michael Vick, the only man in American that NEEDS a $100 million contract.
-Dub
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