The Falcons have reportedly reached a settlement with Michael Vick on their breach-of-contract claim that is still awaiting an appeals court decision on a grievance case. Under the settlement, Vick has agreed to pay Atlanta $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.

Michael Vick's plan to climb out of bankruptcy partly hinges on his questionable return to the NFL after he gets out of prison. Vick is hoping to earn as much as $10 million annually, according to court filings in his bankruptcy case. In a March 4 court filing, the quarterback's attorneys say he "has every reason to believe upon his release, he will be reinstated into the NFL, resume his career and be able to earn a substantial living."

Falcons owner Arthur Blank has been adamant that Michael Vick will not play another game for the franchise, which could become a problem if they can't find a trade suitor. Atlanta is expected to release Vick outright if they can't trade him, a move that would be a $7.11 million cap hit for the 2009 season.

Former NFL quarterback Michael Vick allegedly wrote a book during his time in prison and is seeking co-authors and a publisher. "That may or may not be in the making," attorney Daniel Meachum said. "That would too premature right now. But I'm committed to helping Mike get back on his feet."

No one bid on Michael Vick's Duluth mansion on Tuesday, and representatives believe that the price may have been too high. The scheduled bankruptcy auction may not have taken the depressed economy into account.

The Falcons agreed to terms with linebacker Mike Peterson on a two-year deal on Monday night. Peterson, a 10-year veteran, has played for the Colts and Jaguars.

L.J. Smith, who spent his first six seasons with the Eagles, is scheduled to visit with the Lions on Wednesday night. Detroit needs a tight end, and Smith could be an ideal fit. However, Atlanta and Cleveland are looking for tight ends as well.