Now that the Eagles have assigned their franchise tag to Michael Vick, one would think that they could begin working on a long-term contract with the quarterback. And once they sign him to a long-term contract, they can trade backup Kevin Kolb for a draft pick or two.

Or none.

The Kolb situation is a sticky one in Philadelphia. Even if the Eagles work out a deal to keep Vick long-term, it might not be enough for coach Andy Reid to leave himself exposed at the most important position on the field. Vick’s playing style leaves him open for injury and if the Eagles didn’t have a decent backup to step in, they would likely suffer the consequences.

The other problem is that even if the Eagles wanted to move him, once the current CBA expires they won’t be able to trade for 2011 draft picks. Instead they would be acquiring picks for the 2012 draft and therefore, selections that wouldn’t be able to help them this year. Would the Eagles be willing to do that?

The saving grace for Kolb is that time is on his side. He becomes a free agent in 2012 and unless the Eagles plan to franchise him (which is highly doubtful – especially if they sign Vick to a long-term deal), he’ll be able to walk. His hope should be that Vick signs a contract extension and the Eagles find a suitable backup either via free agency or the draft. Then Reid and Co. would feel safe trading him away and acquiring draft picks that won’t make an impact until at least next season.

Either way, Kolb won’t be an Eagle in 2012. As for 2011, well that’s a different story.

Michael Vick currently leads all quarterbacks with a 105.3 rating. He has yet to throw an interception, his Eagles are undefeated when he plays the entire game, and he’s rushed for 7.3 yards per carry.

It also appears that his current team is willing to commit to him long term.

According to a report by the Philadelphia Inquirer, the Eagles want to keep Vick for “next season and beyond.” There have yet to be any contract discussions between the two sides, but the team will hold meetings in the next few weeks to talk about the future of Vick, who becomes a free agent at the end of the season.

If Vick continues to play as well in the second half of the season as he has in the first, he’ll have suitors lined up for his services. But he’s already acknowledged that he favors the Eagles because they took a chance on him when he was released from prison last year. Chances are, he’ll stay put if Philly comes to the table with a nice offer.

If the Eagles do sign Vick to a long-term contract, what happens to Kevin Kolb? He signed a two-year, $12.25 million deal in April and with Vick’s penchant for running, the Eagles may want to hang onto Kolb in case there’s an injury. On the flip side, they could almost certainly get a draft pick in a trade for the 26-year-old, so why not deal him and find a backup quarterback elsewhere?

The Eagles have more important things to worry about right now (i.e. making the playoffs), but they’ll have some tough decisions coming up over the next couple of weeks.

The Falcons and suspended quarterback Michael Vick have reached a settlement regarding a grievance that the team filed against him for a breach of contract.

Under the settlement, Vick has agreed to pay the Falcons $7.5 million if the team wins an appeal in the Eighth Circuit Court and $6.5 million if the court upholds U.S. District Judge David Doty’s decision that Vick is only liable for $3.75 million.

The settlement should pave the way for Vick’s imminent release from the team. He has remained under contract with the team while serving a 21-month prison term for his 2007 conviction for bankrolling a dogfighting operation.

In the settlement reached last week, sources say that Vick agreed to let the appeals court make a ruling but would only pay a maximum of $7.5 million and a minimum of $6.5 million. The appeals court is expected to rule no later than June.

While it’ll be nice for the Falcons to get some money back from Vick, from a fan’s perspective the question becomes, does the team get any cap relief in this settlement? Atlanta catches a break in terms of the salary cap with Vick being suspended and he’ll never see the money owed to him in 2010 through 2012 because the Falcons will eventually release him, but what about 2009? If commissioner Roger Goodell doesn’t suspend him again once he’s out of prison, then Vick is owed $9 million in 2009, plus another $6.43 million in roster bonuses. Can the Falcons apply the $7.5 million they will/could get in the contract settlement towards that lofty cap number in 2009? Or do they still have to eat his salary because they’re releasing him? Is there life on other planets? What’s the meaning of life? Did a comet really kill all the dinosaurs or was it all just a part of evolution?

I need a drink.