Breaking: Eagles place franchise tag on Michael Vick

A move that was considered inevitable has finally become official.

Michael Vick will be the starting quarterback for the Philadelphia Eagles for the 2011 season.

A league source confirmed to ESPN’s Adam Schefter that the Eagles will placed the franchise tag on Vick on Tuesday.

The Eagles have placed the franchise tag on Michael Vick

Depending on the outcome of the current labor negotiations, the move will likely prevent Vick from leaving Philadelphia this offseason and ensure he’s tied to the Eagles for the 2011 season.

The franchise tag is a one-year contract that will pay Vick the average of the five highest paid players at his position.  It is likely that Vick will make somewhere between $17-18 million for the 2011 campaign.

The Eagles signed Vick to a 2-year $6.8 million contract back in August of 2009.  Vick earned $1.2 million during the 2009 season and made $5.2 million this past year.

Vick lost over $130 million in contractual money from the Atlanta Falcons and endorsements after being incarcerated  due to his involvement in dog fighting.  He filed for Chapter 11 bankruptcy in August of 2009 and owes $22 million to creditors while remaining on a strict financial plan.

By placing the franchise tag on Vick, the Eagles will likely entertain offers for backup Quarterback Kevin Kolb.  Kolb still is under contract for 2011 at $1.4 million.

Vick will be the starting quarterback for the NFC in the Pro Bowl after enjoying the best season of his NFL career.  The NFL MVP runner-up set career highs in passing yards, passing touchdowns, rushing touchdowns, completion percentage, and passer rating.