PHILADELPHIA — 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.

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. Vick was slated to earn about $16 million next season, including a $3 million roster bonus. He lost his starting job to rookie Nick Foles last season, but new coach Chip Kelly will give him a chance to win it back.