The Bears are getting a new quarterback in Nick Foles, but how did they fit his contract under the salary cap?
Foles signed a four-year, $88 million deal with the Jacksonville Jaguars last year, leaving a lot of money for the Bears to take on.
Turns out, the Bears are getting Foles with a restructured contract, which is why they only had to send over a fourth-round pick to the Jaguars.
Reports are starting to come out with some details on how the contract was restructured.
The Bears will inherit the final three-years of Nick Foles' deal, which pays a base value of $50M. He slots in as their starter.— Field Yates (@FieldYates) March 18, 2020
The Jaguars will take on a dead cap charge of $18.75M for 2020, while stockpiling another draft pick as they go through a franchise transition.
Nick Foles already has restructred his contract with the Bears, per source. He still has three years left, still has $21 million guaranteed left, but Foles now has the ability to void the deal after either of the first two years depending on his performance. Deal includes upside.— Adam Schefter (@AdamSchefter) March 18, 2020
The #Jaguars clear $3.375M of cap space by trading Nick Foles to the #Bears. But also clear $21M of soon to be guaranteed cash. It’s incredible that they got out of this contract without having to send a draft pick along with it.— Spotrac (@spotrac) March 18, 2020
Meanwhile, Jacksonville gets some extra financial flexibility, a draft pick and hands the reins over to Gardner Minshew.