This is something I really haven't delved into - the conversation has been so much about how the NFL will or should react that I haven't even discussed how the team will or should react.
The team is in a little bit of a tricky situation - they want to show the entire team that they will stick by them as much as they can, and Vick is kind of the signature player for the team (not always a great signature, even on the field), but they have to consider the pressure from the fans and media - and eventuallly the NFL itself has to be involved.
Probably the best thing they could do is keep Vick on the payroll, but say he will not play pending further investigation or some other such BS.
It's a delay tactic to be sure, but it shows the public and media they aren't just ignoring it, it shows support of Vick's rights, and it probably takes a little heat off the NFL as a whole.