Detailing how Bears got Nick Foles’ contract restructured

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.

Stay in the game with the latest updates on your beloved Chicago sports teams! Sign up here for our All Access Daily newsletter.

Nick Foles to the #Bears, as @AdamSchefter said. There will be a restructured contract to make the trade happen. Fourth-round pick.
— Mike Garafolo (@MikeGarafolo) March 18, 2020

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.

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.
— Field Yates (@FieldYates) March 18, 2020

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.

Click here to download the new MyTeams App by NBC Sports! Receive comprehensive coverage of the Bears.