The Colts Are Signing Nick Foles to a Two-Year Deal (Salary Offsets?) –

When the Bears sent Nick Foles on his merry way after the NFL Draft, identifying his next landing spot was somewhat of a challenge. Sure, there were some obvious destinations to consider. But no one was willing to cut a deal in a trade. And because there was so much other quarterback movement that didn’t take place, I thought the long-standing log-jam would’ve mucked things up.

But in the end, the most logical conclusion was met. Nick Foles is going to the Colts, per NFL Network reporter Mike Garafolo:

And with that, Foles begins a new chapter with a new team in a new city. It comes with familiar faces, with Foles reuniting with Colts Head Coach Frank Reich five seasons after their magical Super Bowl run in Philly. And it features Foles in a familiar role, playing the QB2 gig behind an established quarterback on a team with playoff expectations. All is well that ends well. Foles gets to be where he wants and the Bears no longer have an anchor of a contract in a third-string quarterback role.

Although, there is one caveat worth keeping an eye on from the Bears perspective. When they cut Foles, the move created $3 million in cap space and at a $7,666,668 dead money hit. Depending on the restructuring of Foles’ contract, there could be offset language that helps the team recoup some guaranteed money. That was the case in 2019, when the Bears were given a $2.5 million credit when Mike Glennon signed with the Cardinals after being cut by the Bears. I suppose it all depends on what kind of deal Foles is getting from Indy. But the two-year pact could be enough to give the Bears some cash back for their troubles.

To be clear, it’s not as if the Bears are strapped for cash or pushed up against a tight cap. Chicago began Monday with $15,873,856 in cap space, which is the seventh most among teams right now. But tacking on a few million could be helpful. Especially if it gets rolled over into 2023, where the Bears project to have $96,936,717 in available cap space. Every bit counts.

Even if it is just a little bit:

OK, so maybe it is just a million bucks. Perhaps it could’ve been more had the Bears cut Foles before that roster bonus kicked in last March. Part of me asks who doesn’t love cash when they weren’t expecting it? But on the other hand, part of me is concerned that the Bears might’ve flushed $4 million in potential cash kickbacks on an offset deal by not handling this in its best manner.

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