The team prosecuting Michael Vick are now three-for-three in getting his co-defendants to plead out and offer testimony against Vick, so the soon-to-be-former Falcon is considering a plea himself. It seems highly likely to me that Vick is going to take the offered plea, given that his lawyers are presumably advising him that the case against him just went from strong to quite strong with seven cooperating witnesses instead of five. The open question is what sort of deal is being offered by the U.S. Attorney (along with the variable that the presiding judge is always free to increase the sentence that the prosecutor recommends). If the Feds are taking hard line and demanding five years or more, then Vick might decide to fight it, since a plea will probably mean the end of his football career. On the other hand, if the Feds are offering a year or less (either in terms of the actual sentence or the practical equivalent of "three years and you'll be out in one" [not that the U.S. Attorney can really control that]), then Vick will take it. He'll miss this season and then be back in 2008, assuming that Roger Goodell decides that his year in prison counts as his NFL suspension.
As for a destination, with the Raiders having just spent a #1 pick on a quarterback, the most likely refuge becomes Dallas, especially if Tony Romo doesn't light the world on fire. If there is one owner who would: (a) love the spectacle of signing the most infamous player in the NFL; and (b) not care about the PETA protests (especially with PETA's relative popularity in Texas), it would be Jerry Jones. Vick is in some serious trouble, but the people who think that he should be banned for multiple seasons (or for life) have lost all sense of proportion. If Leonard Little and Ray Lewis can play in the league, not to mention the various players who have been convicted of crimes involving violence against human beings, then Vick can play too. He deserves to be punished. Given that it's looking inevitable that he will miss this season, lose all his endorsements, and be cut by the Falcons before signing an sure-to-be inferior deal with another team, he will certainly be punished. At a certain stage, the piling on will need to stop.