Philadelphia Eagles quarterback Michael Vick, who was thought to be ran out of town after a disappointing season, has signed a one-year restructured deal with the Eagles.

Vick, who was slated to earn $16 million next season, had an inconsistent season last year, giving way to rookie Nick Foles, who currently has a three-year contract, to have open competition for the starting job under new head coach Chip Kelly.

"There's an open competition," Kelly said. "Michael knows that. Nick knows that. Nick knew every step of the way what we're doing. I wanted to make sure Nick was included in the plans. I think both have outstanding qualities in terms of being quarterbacks in this league. I also know in this league you better have two. Who the starting quarterback is to start the season off is going to be won on the practice field."

And though Kelly gave both players high praises, wouldn't say that either one was off the trading block or completely safe from being released.

"We're not ruling out anything right now," Kelly said when asked specifically about moving Vick or Foles. "Our job and we know from Day One is to put the best team on the field when we open up the season on September 13 or whenever we open up the season. I don't rule anything out and I don't rule anything in. I know moving forward we as an organization had to make a decision on what we wanted to do with Michael and we wanted Michael on this team."

Vick finished the season with 22,362 yards passing, 12 touchdowns and 10 interceptions. The Eagles, however, missed the post season finishing 4-12 and in last place in the NFC East.

"I feel like this is the perfect situation for me," Vick said on Monday. "After talking with Chip and looking at the offense, I wanted to be here."

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