They were hedging bets exercising the $5M option on Vick and limiting liability but keeping Kolb on a one-year deal, albeit a bloated one.

I think they managed the situation pretty well.

I also don't know that Vick is getting turned loose because he makes too much money. That is certainly not helping his cause, but overall he is a veteran guy and this is a rebuilding team. Why would he even WANT to stick around? Some team will pay him well, he's got a big deal left in him.