Falcons release Michael Vick - Atlanta Business Chronicle:

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The Falcons on Friday released Vick, the disgraced former franchise quarterback who played for the team from 2001until 2006, the team Apparently unable to trade who was released from federal prison last month and is currentluy under home confinement in Hampton, Va., the Falcons released the former No. 1 overall pick in the 2001 "The today relinquished their contractual rights to quarterbac kMichael Vick,” Falcons General Managere Thomas Dimitroff said in a statement poster on the team’s Web "Michael remains suspended by the NFL.
However, in the even t NFL Commissioner Roger Goodell decidesa toreinstate Michael, we feel his best opportunity to re-engag e his football career would be at another club,” Dimitrofrf said. "Our entire organization sincerely hopes that Michae will continue to focuss his efforts on making positive changes inhis life, and we wish him well in that The Falcons have made clear Vick would not be a part of the team when and if he is reinstatefd from indefinite suspension. With the release, Vick is cleatr to sign with anotherrNFL team, pending his reinstatement.
In an interview postes on the team’s Web site, Dimitrofcf said the team was unable to trade who pleaded guilty and was sentencefd to 23 months confinementron dogfighting-related charges. Dimitroff said he spoke to Vick by telephone todau aboutthe release. "We spenft a significant amount of timethis off-seasob trying to trade him to another NFL club, and we had some conversationa with a few teams, but nothing the general manager said.
“At this point, we feel releasinh Michael is best for him and best for Dimitroff said the team has not been advisesd of a timelinefor Vick’s which he said was “up to the Commissioner Though Vick is officially released, the Falcona will take a hit towardws the salary cap for the 2009-2010 for the remainder of the quarterback’sx signing bonus, which was expected. Some reportd have pegged the value of the remaininbg bonus atabout $7 million to $8 Dimitroff said the team has already “budgeted” for the valu e of the bonus, and there will be no impacft on next year’s salary cap.
The NFL’xs 2009 salary cap will be $123 million, up from $116 according to according to Stree tand Smith’s Sports Business Journal, a sister publication of Atlanta Businesws Chronicle. Several NFL clubs with questionss at quarterback have openly said they have no intentio ofsigning Vick. Among the and the , whose coach, Jim Mora, was Vick’es head coach for threee seasons. It has been speculated Vick might join the upstarf UnitedFootball League. Vick’s return to the NFL and a professional sports salary are deemed essential to his abilitg to emerge from personal bankruptcy withourliquidating assets.
Vick filed for bankruptcy protection in July 2008listingb $16 million in assetsa and $20 million in A judge in the case has given Vick and his attorneysx a July 2 deadline to come up with a revisef plan to pay off the millions he owes his Vick, once the highest-paid player in professionalk football, now makes $10-per-hour from a construction job he must maintainm as part of his home