According to Jeff McLane of the Philadelphia Inquirer, quarterback Michael Vick will sign his one-year, exclusive franchise tender on Wednesday.

The Eagles placed the tender on Vick on February 15. The "exclusive" version meant that Vick did not have the right to negotiate and sign an offer sheet with another team. Under the "non-exclusive" version, the Eagles could have received two first-round picks as compensation if they chose not to match any offer sheet. The Eagles, however, wanted to ensure Vick's rights for 2011 and that's why they placed the "exclusive" version of the tag.

Eagles president Joe Banner revealed in a session with reporters when the application of the tag was announced that the team could not negotiate any sort of long-term deal or extension with Vick. There was a little-known rule in the uncapped year of 2010 that stated if a player earned 30 percent more salary in 2010 than in 2009 the team could not even discuss an extension. Even though the new Collective Bargaining Agreement is being negotiated, it is expected that the franchise tag will remain a part of it. The Eagles had no other recourse than to apply the tag to Vick. Banner indicated that the team will work on a long-term deal with Vick once the CBA is finalized.

According to NFLLabor.com, players under the exclusive franchise tag in 2010 were paid the average of the five largest salaries at his respective position for that season, or a 120 percent raise if the player's 2009 salary was greater. Players under the non-exclusive franchise tag last year were paid the average of the five largest salaries at his respective position for the previous (2009) season. It has been reported that Vick's tender will be worth $16 million if it goes by the average salary of the five highest-paid quarterbacks for 2010.

-- Posted by Chris McPherson, 12:30 a.m., March 2