The details of Nick Foles' restructured contract

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.

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.

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Former Chicago Bears first-round pick, Leonard Floyd, agreed to a one-year, $10 million deal with the Los Angeles Rams on Wednesday, ESPN's Adam Schefter reported. 

Former Bears' pass rusher Leonard Floyd is signing a one-year, $10 million worth up to $13 with the Rams, per source.

— Adam Schefter (@AdamSchefter) March 18, 2020

Floyd was released by the Bears on Tuesday after the team committed five years and $70 million to former Rams and Cowboys edge rusher, Robert Quinn. 

Floyd's underwhelming tenure with the Bears included 54 starts and just 18.5 sacks. The former ninth-overall pick was projected to be a top-tier pass rusher coming out of Georgia, but his on-field play never matched his physical traits.

Now, Floyd has a chance to resurrect his career with the Rams and former Bears OLB coach, Brandon Staley. Staley is Los Angeles' defensive coordinator.

Adam Schefter rocked Bears fans' worlds on Wednesday afternoon, announcing the team has acquired Nick Foles. While fans are still getting used to their new quarterback, Foles will have plenty of familiar faces welcoming him to the team.

Most importantly, head coach Matt Nagy knows Foles from their time together in Kansas City back in 2016. Nagy was the offensive coordinator and Foles was Alex Smith's backup, but Foles did play in three games, including a Week 9 start where he led the Chiefs to a win.

Foles has also crossed paths with Bears quarterbacks coach John DeFilippo twice during his career. First, in 2017 in Philadelphia — you know, the year Foles put together a magical postseason run en route to becoming the Super Bowl MVP. That season, DeFilippo was Foles' QB coach. 

Flip and Foles reunited in Jacksonville last season, although the duo couldn't recapture the success they found in Philly. Foles started four games before getting hurt, and the Jaguars lost all four of those games.

Revisiting that Super Bowl season in Philly, Foles also has plenty of familiarity with Bears tight end Trey Burton. In the six games that Foles started (including the postseason), the two only connected four times for 36 yards, but they also successfully executed one of the most exciting plays in recent Super Bowl memory:  The Philly Special.

Foles can even do some "new guy" bonding with his former Rams teammate Robert Quinn. The two each played in St. Louis in 2015, albeit on different sides of the ball.