Michael Vick has been reinstated by the NFL on a conditional basis.
He can participate in camp, some preseason games, and will be considered for full reinstatement by week 6 of the season. It's a short leash (pun sort of intended). He could be back by week 6, but even as early as week 1, depending on how he makes amends and whether or not Roger Goodell is satisfied by those efforts.
You can read the details here.
Despite being immediately shot down by Rams officials, the media speculated on Vick landing with the St. Louis Rams over and over again.
According to John Clayton on ESPN's NFL Live, teams are already calling about Vick. And it's also been reported that he'll do individual workouts for interested teams.
I guess now the wild speculation can continue, despite the not so subtle denials.