Thursday, January 21, 2021

Nick Foles signs restructured 3-year contract

Just one day after being acquired in a trade with the Jacksonville Jaguars, Nick Foles has restructured his contract into a more team-friendly deal. The new 3-year $24-million dollar deal still expires in 2022 but gives the Bears some much-needed cap flexibility.

Acquired for a fourth-round compensatory pick, Foles was a hot property in the 2019 free agency market after declining a $20 million option with the Eagles. He would sign a 4-year $88 million contract with the Jaguars, but his season was disrupted by a broken clavicle and he would finish the season 0-4.

Nick Foles new deal has a lot of performance incentives

If Nick Foles bonuses are activated Bears fans will be very happy
If Nick Foles bonuses are activated Bears fans will be very happy

The new deal greatly reduces Nick Foles base salary from $15.125 million per season, to a much more manageable $4 million. However, in a nod to the quarterback competition he likely faces, there is now a $4 million roster bonus payable on the 5th day of the league year in 2021, and 2022.

With a total of $21 million guaranteed, the Bears don’t really have an out until after the 2021 season, with dead cap numbers of $21 million in 2020, and $15.6 million in 2021. The number is much more manageable in 2022, but given these figures it all but guarantees Foles as the starter, and the exit of incumbent Mitchell Trubisky after 2020.

While the ultimate deciding factor will obviously be performance on the field, Nick Foles is clearly primed for a two-year run at the starting job in which he will get ample opportunity to prove himself.

According to the following bonuses form part of Nick Foles restructured deal:

  • $21M guaranteed (signing bonus + 2020 salary + 2021 salary + 2021 roster bonus + 2022 roster bonus + $1M of 2022 salary)
  • 2021 Roster Bonus: $4M (5th league day of 2021)
  • 2022 Roster Bonus: $4M (5th league day of 2022)
  • Annual $6M of Incentives/Escalators
    • QB Rating (not cumulative, min. 224 attempts)
      95%: $500,000
      98.5%: $1M
      102%: $2M
    • Playing Time (not cumulative)
      50%: $500,000
      65%: $750,000
      80%: $1.5M
    • 50% Playing Time + Playoffs: $500,000 or
      50% Playing Time + Playoff Win (50% snaps): $1M
    • Pro Bowl: $750,000
    • NFL MVP or Super Bowl MVP: $750,000
  • Any incentive earned will also escalate the following year’s base salary
  • An unknown incentive threshold gives Foles the option to void the deal after each of 2020 & 2021

I think we’re all rooting for those Super Bowl kicker’s to be activated multiple times over the coming seasons.

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