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Michael Vick's contract with the Jets is now known.
Jets gave former Eagles QB Michael Vick a one-year, $5 million deal, per source.
— Adam Schefter (@AdamSchefter) March 21, 2014
You can click here to get an idea of what quarterbacks are making, but teams usually do not pay this kind of money and just hand the player a clipboard. It seems likely that Vick will have a chance to win the starting quarterback job in an open competition with Geno Smith.
That is how it should be. Vick feels like an insurance option. The Jets know that if Geno does not make a leap, they can turn to Vick. It is probably unlikely he matches his peak in Philadelphia, but he can probably give the Jets baseline credible play, the kind of insurance they have lacked for years. If Geno does make a leap, he will probably beat Vick out, and the Jets will have a quality veteran backup.