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Losman signs with UFL

After weeks of rumors and premature reports, former Bills quarterback JP Losman, a first-round pick in the 2004 draft, has signed a contract with the UFL.

The UFL announced the move this evening.

He’ll play for the still-unnamed Las Vegas franchise. (Actually, none of the four franchises has been given a name.)

“I have followed JP’s career since his early days with Buffalo where he impressed me with his raw talent, passing accuracy and on-field competitiveness,” said Jim Fassel, former Giants coach who’ll serve as head coach of the Las Vegas franchise. “JP has all the attributes of a great professional quarterback and I am truly looking forward to working with him. I am anxious to start the season with JP at the helm of this Las Vegas franchise and show what we can do on the field.”

“The United Football League is providing me with the opportunity to play the sport I love at a high level and for that, I am extremely grateful,” Losman said. “There are many players just like me who possess the skills to compete at the highest levels and just need the playing time to showcase their talents. The United Football League is filling that void and giving more players the opportunity to play. I am excited to get back out onto the field and represent Las Vegas during the League’s first season.”

As we previously heard it, Losman decided that it made more sense to actually play in the UFL than to serve as a second-string or third-string option for an NFL team.

But if there’s a rash of injuries to NFL quarterbacks, Losman most likely won’t be able to jump back to the established league. The non-negotiable UFL contract binds players to the upstart operation through November 28.

UPDATE: A source with knowledge of the situation tells us that the UFL has revised its policy to permit players who sign before August 1 to leave before the end of the season. So Losman can still go to the NFL. In theory.