The NFL’s policy appears to be to get tough with so-called ‘repeat-offenders’. The League has looked the other way on a couple of occaisions with Michael Vick, so they have no prior offense to cite as grounds for immediate disciplinary action.
The Falcons could cut him (I suspect that they eventually will) though they will lose all signing/roster bonuses paid thus far. Upon conviction the Falcons might be able to sue for return of some monies, but who knows what they might be able to recover.
I think the ball in in the Falcon’s court. They need to do what the Eagles did with Terrell Owens - just bite the financial bullet & cut him loose. If Vick is due a “Roster Bonus” anytime soon, that would be the decision-date to look at.
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.