Flowery Branch, GA -- (Sports Network) - The Atlanta Falcons announced Monday that they will not immediately cut ties with suspended quarterback Michael Vick, who earlier in the day entered a plea agreement relating to federal dogfighting conspiracy charges in a Virginia courtroom.

Falcons owner Arthur Blank said the team will assess its options in regards to Vick's contract and whether he plays for the team again, while general manager Rich McKay said the club has begun its pursuit to recoup bonus money already paid to the former Pro Bowl signal-caller.

Vick signed a plea agreement with federal prosecutors last week and appeared before U.S. District Court Judge Henry E. Hudson on Monday morning in Virginia to make it official.

Hudson set a sentencing hearing for December 10.

Vick, shortly after the hearing, made his first public comments about the incident and apologized for his actions. He included personal apologies to NFL commissioner Roger Goodell, Blank, Falcons head coach Bobby Petrino and his teammates.

Blank, during a press conference Monday afternoon, said he would accept Vick's apology, but added that he was "profoundly disappointed and saddened" by the actions Michael has admitted to.

"He has let down his fans and his team, he's damaged the reputation of our club and the entire National Football League, and betrayed the trust of many people."

Blank also said the idea of terminating Vick's contract was not simple because of the legal ramifications.

"We cannot tell you today that Michael is cut from the team," Blank stated. "Cutting him may feel better today, emotionally, for us and many of our fans. But it's not in the long-term best interests of our franchise.

"The decisions relating to Michael's status with the team are tied to legal, financial and contractual personnel issues that still must be sorted out. But what I can tell you, is we have to move on with our football team."

McKay, meanwhile, said that $6 million will come off the team's salary cap for 2007 because of Vick's NFL-imposed suspension.

"It doesn't really impact as a football team perspective this year," said McKay, who went on to say that the team has already made a move in an attempt to pursue some of the bonus money paid to Vick.

"We sent out this morning a demand letter with respect to that," McKay remarked about the bonus money. "We will pursue it aggressively. Any dollar we were to recoup from that bonus money would be a salary cap credit, so it affects our team and our ability to field that team directly."

The Falcons were scheduled to play a home preseason game Monday night against Cincinnati, and Blank added that he had heard from fans who were "embarrassed to wear a No. 7 jersey," but that the team would recover from this. He said that if the team had known what was going on with Vick, it would have acted immediately and appropriately.

"Only he knows why he did what he did," Blank said in reference to Vick. "At the end of the day, he put himself in this position and the responsibility for doing so rests on his shoulders.

"We don't know what the future holds for Michael. Having said that, I do believe in redemption. After Michael pays his debt to society, when he does the proper self-reflection, which I thought began this morning publicly in his press conference. With very sincere and heartfelt statements by him, maybe he'll have an opportunity to play again in the National Football League."

Whether Vick can return to the NFL remains in the hands of Goodell, who imposed an indefinite suspension on Vick last week after the plea agreement was made public and has come down hard on violators of the new player conduct policy in the league.

"I commend the commissioner for coming out strongly and definitively against player misconduct in this league," Blank added. "He has made it clear it will not be tolerated."