The Chicago Bears restructured the contract of Nick Foles, giving the franchise more flexibility with the former Super Bowl MVP. Foles now has three years and $24 million remaining on his contract, with $21 million still guaranteed, per NFL Network's Ian Rapoport. He'll make $8 million per season under his new deal.
Foles can still make $6 million in incentives per year and every $1 earned off incentives escalates the next year's salary. Foles can also void the 2021 and 2022 seasons based off performance, granting him the ability to seek more money if he has a good season in Chicago.
The Bears are no longer on the hook for the remaining $56.9 million owed to Foles from the massive contract he signed with the Jacksonville Jaguars last offseason. Foles originally signed a four-year, $88 million deal with Jacksonville, with $45.125 million fully guaranteed at signing.
The deal ended up being a disaster for Jacksonville as Foles went 0-4 in his four starts, completing 65.8% of his passes and throwing for 736 yards, three touchdowns and two interceptions (84.6 passer rating) in four games. Foles was benched for Gardner Minshew in Week 13, which ended up being his final game with the Jaguars.
There is familiarity with Foles and Bears head coach Matt Nagy, who was the Kansas City Chiefs' offensive coordinator the year Foles was with the Chiefs (2016). Nagy brought some variations of the Chiefs offense with him to Chicago -- the same concepts Foles succeeded with in Kansas City and with the Philadelphia Eagles. Bears offensive coordinator Bill Lazor was Foles' quarterbacks coach with the Eagles in 2013; quarterbacks coach John DeFilippo was Foles' quarterbacks coach in Philadelphia (2017) and offensive coordinator with Jacksonville last season.
The Bears brought Foles in as veteran competition for Mitchell Trubisky, the team's starting quarterback the past three seasons. Foles appears to have the edge over Trubisky based on how the franchise has welcomed his arrival, along with the guaranteed money Chicago is giving him in his restructured deal.
A Super Bowl MVP with the Eagles, Foles has been below average outside of Philadelphia, sporting just a 5-11 record and completing just 59.5% of his passes for 3,198 yards, 13 touchdowns and 12 interceptions for a 76.6 passer rating. He compiled those numbers with three different teams.
In his eight seasons, Foles has completed 61.9% of his passes for 11,901 yards, 71 touchdowns, 35 interceptions, and an 88.2 passer rating. He has a career record of 26-22. In the postseason, Foles has completed 68.1% of his passes for 1,633 yards, 11 touchdowns and five interceptions for a 98.8 passer rating, seventh-highest in NFL history. He won a Super Bowl MVP after completing 72.6% of his passes for 971 yards, six touchdowns, an interception and a 115.7 passer rating during the 2017 postseason with the Eagles.
The Bears are paying for the Eagles' version of Foles, employing plenty of coaches that have helped the quarterback succeed over the years. Foles may be general manager Ryan Pace's last shot to get Chicago back to the postseason.