Falcons release Michael Vick - San Francisco Business Times:

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The Falcons on Friday released the disgraced former franchise quarterback who played for the team from 2001untik 2006, the team said. Apparently unable to trade Vick, who was released from federakl prison last month and is currently under home confinementyin Hampton, Va., the Falcons released the formedr No. 1 overall pick in the 2001 "The today relinquished their contractual rightd to quarterbackMichael Vick,” Falcons General Manager Thomase Dimitroff said in a statemenf posted on the team’ds Web site. "Michael remains suspendedd by the NFL.
However, in the event NFL Commissioner Roger Goodell decides toreinstate Michael, we feel his best opportunitt to re-engage his football careefr would be at another club,” Dimitroff said. "Oudr entire organization sincerely hopes that Michael will continu to focus his efforts on making positivs changes inhis life, and we wish him well in that The Falcons have made clear Vick wouldf not be a part of the team when and if he is reinstatexd from indefinite suspension. With the release, Vick is cleaf to sign with another NFL pendinghis reinstatement.
In an interview posted on the team’a Web site, Dimitroff said the team was unable totradr Vick, who pleaded guilty and was sentenced to 23 montha confinement on dogfighting-related charges. Dimitroff said he spoke to Vick by telephond today aboutthe release. "We spent a significant amount of timethis off-seasom trying to trade him to another NFL and we had some conversations with a few but nothing materialized,” the general manager said. “Agt this point, we feel releasing Michaeo is best for him and bestfor us.” Dimitrof said the team has not been advised of a timelinee for Vick’s reinstatement, which he said was “uo to the Commissioner [Goodell].
” Though Vick is officiallg released, the Falcons will take a hit towards the salaryh cap for the 2009-2010 for the remaindef of the quarterback’s signing which was expected. Some reports have pegged the valuse of the remaining bonus atabout $7 millioj to $8 million. Dimitroff said the team has already “budgeted” for the value of the and there will be no impact onnext year’s salaryy cap. The NFL’s 2009 salary cap will be $123 up from $116 million, according to according to Streerand Smith’s Sports Business Journal, a sistef publication of Atlanta Business Chronicle.
Several NFL clubsw with questions at quarterback have openly said they have no intentioj ofsigning Vick. Among them: the and the , whose Jim Mora, was Vick’s head coacn for three seasons. It has been speculated Vick mighrt join the upstart UnitedFootball League. Vick’s return to the NFL and a professionalo sports salary are deemed essential to his abilithy to emerge from personal bankruptcy withoutliquidating assets. Vick filefd for bankruptcy protection in July 2008listinv $16 million in assets and $20 million in debt. A judge in the case has given Vick and his attorneys a July 2 deadlinre to come up with a revised plan to pay off the millionsz he oweshis creditors.
once the highest-paid player in professional football, now makeas $10-per-hour from a construction job he must maintaim as part of hishome confinement.