Here's an item from Law.com that addresses the employment law implications of Falcons QB Michael Vick's possible involvement in a dogfighting ring.  We emphasize that Vick has denied wrongdoing and has not been charged with a crime. 

If Vick is charged with participating in dogfighting, or if he's indicted by a grand jury, the standard NFL contract would allow the team to suspend Vick for at least four games *** [or] the Falcons could use a suspension as justification for terminating Vick's contract.

 If the Falcons were to decide to release Vick, he would stand to lose about $70.5 million remaining on his contract.