Vick, 29, was the first overall pick in the NFL draft by the Atlanta Falcons in 2001. He received a 23-month federal sentence after being convicted for running a dogfighting operation in Newport News, Va. He spent 18 months in prison and was released from federal custody July 20.
The Eagles' decision was driven by coach Andy Reid, who made it clear after the 27-25 loss that he felt as though Vick deserved a chance to turn his life around.
"I'm a believer that as long as people go through the right process, they deserve a second chance," Reid said. "Michael has done that. I've done a tremendous amount of homework on this, and I've followed his progress. He has some great people in his corner, and he has proven that he's on the right track."
Reid also admitted that his personal life influenced his strong feelings about Vick, referring to the arrests of his two sons, Britt and Garrett, on drug charges.
"I've seen people that are close to me who have had second chances that have taken advantage of those," Reid said. "It's very important that people give them an opportunity to change, so we're doing that with Michael. The other side of that is we're getting one of the best football players in the league."
Vick was conditionally reinstated to the NFL on July 27. According to the terms stated by NFL commissioner Roger Goodell, the former Virginia Tech star can immediately begin practicing with the Eagles, and he can also play in the final two preseason games. Reid said it is not exactly clear when Vick can return for the regular season, although he believes the quarterback's suspension could last from zero to five games.