From the Jets site:
Vick, 33, an unrestricted free agent, signed with us this afternoon and joins the competition at quarterback for the 2014 season. At the moment that competition includes Geno Smith and Matt Simms but not Mark Sanchez, whose release was announced shortly before Vick’s signing.
“It means a lot to have the chance to come in and play for a great organization that had a lot of success last year and being on the brink of doing some good things,” Vick said early this evening. “Maybe I can come here and be an asset whenever my number’s called. I’m excited, I’m elated, and I feel like this is a great opportunity for me and my family.”
Vick’s contract with the Jets is for one year and can be worth up to $5 million, according to ESPN.com. Although some would say that its a cheap deal, and that Vick is the winner, some can also say that the deal is a risky one in itself. If Vick were to win the starting job with the Jets, they will to pay him.
Whether the starting QB or not, Vick will be a free agent that everyone is interested in next offseason as well.