Vick should be reinstated. Let me say that right now. He paid his dues in prison and financially. There are players who killed people driving drunk and they were allowed back in the league. Heck, if Pacman Jones can get five chances, why can't Vick get a second?
The big question is who is willing to sign the elusive QB. People say a veteran team like New England should sign him to be backup to Tom Brady. Every owner in the NFL understands that, if they sign Vick, there will be protests from animal rights organizations. The Patriots may not want the baggage that Vick brings.
In my opinion, nobody will sign Michael Vick. First of all, no one has seen him play in two years. And even two years ago, he wasn't all that good. Vick will probably start off in the newly-formed UFL. That way, GMs can at least see if he can still play. Then, maybe a team signs him midseason if they have a QB issue.