Jaguars agree on four-year deal with Foles worth $88M

The Jacksonville Jaguars agreed to terms with free agent quarterback Nick Foles on a four-year, $88 million contract, NFL Network reported Monday. NFL Network reports incentives can push the maximum value of the deal to $102 million, and that incumbent Blake Bortles will be released in a few days. ESPN reports $50.125 million of Foles' contract is guaranteed.

Over the last few weeks, all signs pointed to the Jaguars signing Foles, who was allowed to enter free agency by the Philadelphia Eagles after guiding the team to the playoffs in back-to-back seasons. Foles took over for Carson Wentz down the stretch again in 2018, when a back injury ended Wentz's season and pushed Philadelphia into a divisional playoff matchup at New Orleans. Eagles general manager Howie Roseman announced at the NFL Scouting Combine that Foles "deserves to lead a team."

"We had conversations at the end of the season, and he knew where I stood and how I felt about him," Eagles head coach Doug Pederson said. "Obviously, he's a big part of our success the past two years. It's an opportunity now for him to become a starter, and I'm excited for him to do that." Wentz was out during the Super Bowl run recovering from reconstructive knee surgery and last season missed the final month of the regular season, and two playoff games, with a fracture in his back. Wentz is expected to make a full recovery and return as the starter in 2019.

Financially, it would have been a major challenge for Roseman had the Eagles opted to franchise and trade Foles. Because of the value of the one-year tender, the Eagles first must have displayed to the league the salary-cap space to use the tag. In Foles' case, more than $21 million was required to be shed in the form of restructured contracts or releasing players with hefty cap hits. The Jaguars gave Bortles, a first-round pick in 2014 who hasn't developed into a consistent starter, a three-year, $54 contract last year, but he went 3-9 as a starter and was benched for Cody Kessler.

His release will save Jacksonville just $4.5 million against the cap, while leaving $16.5 million in dead money, unless Bortles is designated as a June 1 release. That would create an additional $5 million savings in 2019 by sending $5 million in dead money to 2020. Foles, 30, has 68 touchdowns and 33 interceptions in 54 career games.

 

(With inputs from agencies.)