Vick screwed up big-time. However you think of dogfighting, and I happen to believe that this is something that only subhumans engage in, he screwed himself over with the other things he did:
When his team owner asked him about it when the story first started to break, Vick lied to the owner, repeatedly, to his face.
He also lied to the NFL commissioner, repeatedly, to his face.
So right off the bat, anyone in the front office of an NFL team knows one thing about Michael Vick. They know he is a liar. He cannot be trusted to tell the truth.
They also know that Vick is a loose cannon. He participated in highly illegal wagering on the dogs, and to the wonks in the NFL commissioner's office, that's a worse crime than dogfighting. Gambling scandals of any kind are anathema to the NFL. Vick was consorting with known criminals who participated in illegal gambling activities. He deliberately and repeatedly put himself in a position of being blackmailed by illegal gambling activities to affect the outcome of games in which he participated.
The NFL might be able to forgive Vick for the dogfighting, but I don't think they'll ever forgive him for lying to the front offices and for getting himself involved with illegal gambling activities. He may be picked up by someone, who knows, but one slip and he's gone.