Five years ago, Michael Vick was the highest-paid football player in the world.

Today he owes $20 million to creditors, represents the face of dog fighting, has little to no marketability and is quite possibly the most hated athlete in America.

The fall from greatness underscores the long road and even longer odds Vick faces as the former quarterback attempts to come back from federal dog fighting charges and return to the National Football League.

‘Damaged Goods’

Vick, 29, is awaiting reinstatement from NFL Commissioner Roger Goodell after his sentence ended on Monday. Not only does Vick need to prove he can still play after two years away from the game, he needs to convince NFL owners and leery sponsors to take a chance on him.

“He’s damaged goods from a marketing standpoint,” said Paul Swangard, a sports marketing professor at the University of Oregon. “There are certainly team-brands that would not touch him with a 10-foot pole.”

Goodell is expected to meet with Vick and reinstate him on a conditional basis as early as this week, ESPN.com reported. Vick would then be free to sign with an NFL team, if any believes he is worth risking a potential backlash from both fans and sponsors.

It’s been a startling descent for the three-time Pro Bowler, who at one time graced the cover of Electronic Arts’ (ERTS) Madden video game and had one of the league’s top-selling jerseys.

On top of his record-shattering 10-year, $130 million contract with the Atlanta Falcons, Vick had endorsement deals with a slew of companies, including Nike (NKE), Kraft (KFT), Coca-Cola (KO) and Rawlings.

Now he draws the ire of animal-rights groups and is synonymous with the sport of dog fighting. He filed for bankruptcy a year ago, listing liabilities of $20.5 million and assets of $16 million. Vick owes millions of dollars to the Falcons, Royal Bank of Canada (RY) and Wachovia, which is now part of Wells Fargo (WFC).

On the Comeback Trail

That’s not to say a comeback for Vick is impossible, particularly if he proves he can lead a team to wins, something he struggled with even before his legal mess.

“He’s unpopular as hell right now but six months from now, if he performs on the field and stays quiet off the field, he’s going to have some fans. It’s pretty phenomenal how forgiving our society can be, especially to celebrities,” said Matt Delzell, senior client director at Davie Brown Talent, pointing to comeback efforts from Britney Spears and Michael Phelps.

Even the sports world has examples of athletes like Kobe Bryant who have overcome legal difficulties. Of course, Bryant, unlike Vick, was acquitted of the charges against him and went on to win a championship.

“While he’s looking at other parallel paths he’s got to charter his own course,” said Swangard. “Let’s not lose sight of the fact he may not be the best quarterback in the NFL. That may be the bigger challenge.”

Goodell has said he wants to see remorse and evidence of change from Vick before reinstating him. Swangard predicted the NFL will reinstate Vick but with a series of documented expectations.

“At the end of the day, Michael has damaged the league. The league spent a lot of time, energy and ultimately money to deal with this issue,” said Swangard.

Weighing the Risk of Vick

Teams and sponsors alike will have to consider the potential risks and rewards from entering into a relationship with an athlete as unpopular and controversial as Vick.

“It’s a huge risk. There’s also a potential for a big reward. You’re going to get him at a significantly discounted rate. You’re going to sell some jerseys,” said Delzell. “If a team signs him, people will gripe about it but if he goes out and wins some football games …people are going to shut up.”

Big-name sponsors like Nike and McDonald’s (MCD) are likely to stay away from Vick for the foreseeable future, but he could sign a deal with a new or fledgling football-specific brand looking to make a big splash.

UFL: We’ll Take Him

At least one organization is interested in the Vick brand: the United Football League, a start-up set to launch later this year in seven cities.

“We believe the UFL is the perfect opportunity to Vick to regain his true playing ability and mentally prepare for being part of a professional football team again,” said Michael Huyghue, commissioner of the UFL. 

For now, the UFL said it is waiting for a decision by Goodell and will only pursue Vick after “careful discussions” with him and his representatives.

Darin David, a director at sports marketing firm Millsport, said Vick would be “almost too enticing to pass up” for the UFL, but could also make it look “like they’re selling out right from the start.”

Huyghue seems cognizant of this, saying: “As a start-up league, it is important to gain as much widespread exposure as possible; but we want to make sure we are drawing media attention for the right reasons.”

For Vick, the UFL could actually offer the biggest paycheck, as ESPN reported the league could offer him about $1 million -- more than any other player -- because he’d be such a marquee attraction.

No matter where Vick ends up, it’s clear he has a long road to recovery, both in terms of public-standing and revenue generation.

“It’s very easy for us to forgive but it’s not necessarily forget. I don’t think anybody is going to forget that he was in jail and committed a felony,” said Delzell.