I believe Vick will get enough time to cause him to lose at least two seasons of football. After that, his debt will be paid, and he should not be barred from playing by the NFL. Let the market work, if a team wants to have Vick as their QB, let them have him.
If the Falcons let him go, which I think they should and have every right to do, what are cap implications? I understand why bonuses are held against the cap, keeping teams from using bonuses to get around the cap. But, some work on the rules needs to be done so that when a team cuts a player because of moral/legal issues such as in this case, there is some cap relief.