PHILADELPHIA (AP) — Michael Vick took a significant pay cut to stay with the Philadelphia Eagles and compete for a starting job.

The four-time Pro Bowl quarterback agreed Monday to a restructured three-year contract with the Eagles, just two seasons after signing a $100 million extension that included $35.5 million in guaranteed money. The new deal is essentially for one-year, however.

A source familiar with the contract said Vick could earn up to $10 million in 2013 if he meets all his performance incentives, and the team will void the remaining two years on March 15. That person spoke on condition of anonymity because the terms haven’t been released.