I heard on ESPN that they would benefit the most if they waited until June to cut him. Something about salary cap stuff that I have no clue about.

Well, my understanding is this...

Vick has three years left on his contract. If they wait and cut him next June, I *think* they'd only be able to recoup about a third of that 22 million. (and yes, whatever they recoup from signing bonuses can be applied as a credit to the salary cap). But maybe there are more factors and variables, but it does appear that there are pros and cons to terminating his contract now, versus somewhere down the line.

I read somewhere that the Falcon lawyers and league officials spent a great deal of time going back over Vick's contract, because it's been revised many times and is very confusing.

This has been a complete headache for Roger Goodell (exacerabated by the fact that Vick lied to the league). I think the only football you'll see Vick EVERY playing is in the Arena league.