Nick Foles wanted to be a Bear. He made that perfectly clear.
In fact, Friday’s conference call with the new Chicago Bears quarterback was pretty much over and Foles easily could have hung up and gone on with the rest of his day. Instead, he wanted to make sure the reporter who asked the last question about his trade to Chicago got the answer she wanted.
After further clarification, Foles went on to give an answer that lasted three minutes and nine seconds, addressing the details of his trade and restructured contract with the Bears.
“If I don’t agree to a restructure, I’m not traded, so therefore I’m back in Jacksonville,” Foles said. “This situation works best for the Jacksonville Jaguars and for the Chicago Bears and for me.”
Later, Foles actually called it a “crazy restructure,” most likely because it’s definitely a complicated and unique contract. But all parties had to get creative to make it work for the Jaguars, Bears and Foles.
So here’s essentially what happened: First, the Bears and Jaguars had to agree to a deal, but it was contingent on Foles agreeing to restructure his contract. At that point, Nick Foles’ agent David Dunn was notified of the trade and the quarterback had to weigh his options. This gave him some leverage, but he had to look at the situation in Jacksonville with Garner Minshew, the situation in Chicago with Mitchell Trubisky, compare the coaching staffs, and ultimately determine if it was worth moving his family. The COVID-19 pandemic also had to be considered because Foles’ wife, Tori, is pregnant and due to give birth in June. The couple endured a heartbreaking miscarriage last year and moving won’t exactly be easy in today's present world.
“This is ultimately what I thought was best based on a lot of information from this last season to where agreeing to a crazy restructure was necessary to allow me to go play for Coach Nagy and the Chicago Bears,” Foles said. “It’s probably not the logistical move if you’re looking at numbers and contracts and moving and all that stuff, but it was necessary based on my heart and a lot of prayer and thinking. It was obviously a struggle.”
That said, Foles still sounded like a guy who wanted to be traded.
“I'm grateful for Jacksonville to allow it to happen,” he said. “Because ultimately (Jaguars general manager) Dave Caldwell and (owner) Shad Khan had to allow me to be traded and we were able to work behind the scenes to have these conversations to make it happen to where they would be open to trading me. And then ultimately it came down to the restructure and everything like that. But it took every single party to be on the same page and allowing this to happen.”
The restructure wasn’t simple, which is why some of the details are still unknown. What we know is that the Jaguars are taking a big cap hit this year to get out of Foles' contract in 2021 and 2022. Meanwhile, the Bears needed to add legitimate competition for Trubisky, but do so without breaking the bank because they didn’t have a whole lot of cap space to work with. In the end, Foles will still get the nearly $20.125 million guaranteed that was left on his Jaguars deal, but the Bears turned his contract into a more cap-friendly 3-year, $24 million contract.
Instead of getting base salaries of $15.125 million in 2020, $14.875 million in 2021 and $20 million in 2022, Foles will get $8 million in each of the three years.
But why would he do that?
Well, under his previous contract, there was only a $5 million roster bonus guaranteed beyond 2020, so unless he played like an All-Pro this upcoming season, Foles could have become an obvious cap casualty and not received those high salaries in 2021 and 2022 anyway. By agreeing to the restructure, he helps his job security because the guaranteed money is more spread out.
But what happens if he actually does play like an All-Pro?
The Bears included additional incentives reportedly worth up to $6 million per year. We don’t know what the specific thresholds are, but it’s safe to say that if Foles beats out Trubisky and leads the Bears to a Super Bowl, he’ll be compensated for it.
And in that scenario, he’d also certainly be worth more than $14 million ($8 million plus maximum incentives) per year, so the deal reportedly allows Foles to void either of the final two years of the contract based on performance. That’s vague, but again, the Bears are giving Foles the ability to earn what he’s worth. They had to do so to get him to take a team-friendly restructure that allowed the team to address other areas of need on the roster.
It’s a very reasonable deal for all sides. And most importantly, in 2020, the Bears have two highly motivated quarterbacks in an true open competition.
“Ultimately it was time to make a change,” Foles said. “It really worked best for both parties because I love Gardner (Minshew). I think Jacksonville can build around Gardner and now I have an opportunity to play for a team that I played a couple of years ago (in the playoffs) that was honestly one of the best teams I've played against. To be with a coach that was there for me from the beginning like Doug Pederson was. I got Matt Nagy.”
And Nagy has Foles.