This is a free $3 million for Michael Vick. It was put in his contract to make sure he either got paid or the Eagles would have to get rid of him. ESPN is reporting he will get that money.
The next big date would be March 12 the start of Free Agency.
If Vick is on the roster after that date he will get his full $15.5 million salary, so by paying the $3 million now the Eagles give themselves another month before making a final decision.
I believe the Eagles are going to try to get Vick to renegotiate his deal, but Vick will probably stand firm and eventually get his release.