Under the restructuring plan, unsecured creditors, including Vick's agent, Joel Segal, will be paid from a liquidating trust funded by his future income for up to six years, according to court documents. Other unsecured creditors that will share Vick's future income include the Atlanta Falcons, with a $6.5 million claim; Royal Bank of Canada, owed about $2.6 million; and Wachovia Bank NA, holding a $1.1 million claim.

Bonus Payments

Vick, who played with the Falcons from 2001 to 2006, found himself in a court battle with his old team over almost $20 million in bonus payments from a 2004 contract that made him then the highest paid player. He settled with the Falcons, reducing the claims to about $6.5 million. The banks' claims relate to financing guarantees Vick made for a variety of businesses, including a rental-car franchise and a liquor store, court filings show.

Vick will have a living expense allowance of $300,000 a year, according to court papers. Those expenses include food and rent, but not payments to agents and other unexpected expenses, Spiegel said.

"The philosophy behind that is the guy needs a little something to live on," Luzinski said.

The distributions vary between 10 percent and 40 percent of Vick's adjusted gross income, escalating as he earns more money. Creditors will receive 40 percent of yearly adjusted gross income over $10 million. A provision is included if Vick signs a new contract in the final year of the six-year payment period and creditors haven't received at least 80 percent of what they're owed, that will allow them to recoup from the new contract.

Top-Paid Player

Vick was the NFL's top-paid player with a 10-year, $130 million contract in Atlanta before his role in the interstate dogfighting ring landed him in jail for 18 months.

He was described as "cruel and reprehensible" by NFL Commissioner Roger Goodell for participating in a ring in which dogs that lost fights were drowned, hanged, shot or electrocuted. In April 2007, he took part in the killing of eight animals, one of which was dispatched by slamming it into the ground, his criminal indictment said.

Vick said today he has changed many facets of his life, and called the contract and the chance to play in the NFL again a "blessing."

Appreciative