What will the Chicago Bears gain from moving on from Nick Foles?
When it comes to the Chicago Bears, one thing is certain, they are in a salary cap nightmare. Ryan Pace is definitely to blame, but so is the COVID-19 pandemic that caused teams to earn less revenue and the salary cap to go down for the first time in a decade. This is why Kyle Fuller is now a Denver Bronco instead of still with the Chicago Bears.
If we look at Nick Foles’ contract, he has two years left with a potential out in 2022.
Nick Foles contract breakdown per @spotrac.
— Rob Schwarz Jr. (@ChiRuxinBGO) July 22, 2021
The team could save a decent chunk of money come 2022 if they can find a way to trade him. #Bears pic.twitter.com/OlPFDLfvip
The way Ryan Pace and the Chicago Bears set up Nick Foles’ contract, it is not a “traditional” contract in the sense that some of Foles’ guaranteed money can be moved to the team trading for him. If the contract was more on the traditional side, then trading Foles would not be logical as the guaranteed money would kick in and they’d be paying too much to see Foles play for another team.
The way his contract is structured though, the Chicago Bears would only be on the hook for the signing bonus this year (already accounted for) and the signing bonus next season. Therefore, the team would send and save the $4 million dollars in base salary this season, plus they would send and save the $4 million dollars in base salary and the $4 million dollar roster bonus ($8 million total) next season.
This also means that the team trading for Foles is willing to take on the cap space of $4 million dollars this season and $8 million next season. The good news is the New York Jets have plenty of cap space this year (approximately $32 million) to do so and are projected to have plenty of cap space next year (approximately $70 million) as well.