Goddell (who I think has done a great job so far) likely won't suspend Vick until/unless he's found guilty. Vick's never been in trouble before and the conduct policy only allows for immediate suspension of repeat offenders.
However, this is going to be a huge story all season long... and obviously a big distraction for the league and the Falcons. I wouldn't be surprised to see Vick released after this all unfolds (assuming he's guilty, which I do)... and that's insane considering he's got another 8 years on his contract, which is even richer than Peyton Manning's (and $37 million is guaranteed).
I think they'll regret trading Matt Schaub.
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