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Nick Foles Has Already Restructured His Bears Contract

Nick Foles throws a pass for the Jaguars.

JACKSONVILLE, FLORIDA - SEPTEMBER 08: quarterback Nick Foles #7 of the Jacksonville Jaguars warms up prior to their game against the Kansas City Chiefs at TIAA Bank Field on September 08, 2019 in Jacksonville, Florida. (Photo by Sam Greenwood/Getty Images)

On Wednesday afternoon, the Jacksonville Jaguars finally made a decision on quarterback Nick Foles.

According to a report from ESPN's Adam Schefter, the Jaguars shipped Foles to the Chicago Bears. In return, the Jaguars received a fourth-round pick from the Bears - and some cap relief.

Initial reports suggested the Bears would eat what was left of Foles' contract. Nearly an hour after the trade dropped, Schefter updated the quarterback's contract situation with his new team.

According to Schefter, Foles restructured his deal with Chicago. He still has three years left on the deal and $21 million guaranteed. However, the veteran quarterback now reportedly has outs after the first and second seasons.

Schefter reported Foles "has the ability to void the deal after either of the first two years depending on his performance."

It's a good deal for Foles, who gets a fresh start in Chicago and the chance to compete for a starting role with Mitchell Trubisky.

Foles started the 2019 season as the starting quarterback for the Jaguars. However, a broken clavicle in his very first game with the team sidelined him for a majority of the season.

Now the former Super Bowl-winning quarterback gets the chance to prove he's a quality starter in the league - with a deal that bets on himself.