The move will prevent Vick from leaving Philadelphia this offseason and ensure he's tied to the Eagles for the 2011 season.
Vick was selected to start the Pro Bowl, his fourth trip to Hawaii in eight seasons. He set career highs in yards passing (3,018), touchdowns passing (21), touchdowns rushing (9), completion percentage (62.6) and passer rating (100.2). The Eagles (10-7) were 8-3 in games he started and finished.
What's just as significant about the move is that, by tagging Vick, the Eagles then will entertain offers for backup Kevin Kolb, who is sure to generate more interest this offseason than any other available quarterback once there is a new collective bargaining agreement.
Franchising Vick will give the Eagles contractual control of two quality quarterbacks, one of whom they will be able to shop. Kolb still is under contract for 2011 at the cap-friendly price of $1.4 million, making him an even more desirable commodity.
Multiple teams coveted Kolb last offseason. Kolb started the 2011 season as the Eagles' starting quarterback but was replaced by Vick after suffering a concussion in the season opener.
Kolb said after the season that he wants "to be starting somewhere" in 2011.
Vick made $5.25 million in 2010 but would make an estimated $20 million -- the average salary for the five highest-paid quarterbacks in the league -- if he is designated the Eagles' franchise player.
As a "reorganized debtor," Vick's income will be distributed to his family and his creditors in accordance with a court-approved schedule. As his income increases, he will pay more of it to the creditors.
Adam Schefter is ESPN's NFL Insider. Information from ESPN.com's Lester Munson and The Associated Press was used in this report.