However, I have to disagree with you. I believe the Falcons are waiting for the league to suspend Vick before they cut or release him. That way..I believe they can appeal to the commisioner's office for cap relief.
I think it’s a three way staring contest. The league is hoping the courts or the team will do something that keeps them from having to take a stand and put their legal necks on the line. The team is hoping the league does something since that helps them with the cap situation. Meanwhile there’s the possibility Vick will get smart (not probable but possible) plea resign and save everybody a lot of trouble.
I think pretty much nothing is going to happen until Vick goes to court in a week, depending on what happens there that could make somebody blink.
I certainly think the Falcons will give it a try (waiting for the League), but I think that the League has painted itself in a corner on this one with the Players Union (by the 'prior offender agreement). Expecting Gene Upshaw to 'play ball' on this one will be a tough sell with all the bad Press he's been getting lately.
If that drug charge had stuck to Vick last year we wouldn't be talking about this right now -- he'd already be gone.