Newly acquired Bears quarterback Nick Foles agreed to a massive pay cut to officially join the competition with Mitchell Trubisky in Chicago.
NFL Network first reported the parameters of the restructure.
Foles is no longer owed the $56.9 million remaining on the contract he signed last March with the Jacksonville Jaguars and instead shifted his base pay to a fully guaranteed, three-year, $24 million deal. That includes an opt-out clause after the 2020 season and $8 million guaranteed in 2020.
The $32.9 million reduction affords Foles the chance to compete for the starting job with the Bears under coach Matt Nagy, who has coached Foles at previous stops.
Foles signed a four-year, $88 million deal in free agency last March to join the Jaguars. However, he got hurt in the season opener against the Kansas City Chiefs and lost the starting job to Gardner Minshew. Head coach Doug Marrone and the Jaguars committed to building around Minshew in the offseason.
Jacksonville will have to absorb $18.75 million in dead money in 2020.
Nagy said in February at the NFL Scouting Combine that Trubisky would face competition this year. Trubisky is coming off of labrum surgery to repair a shoulder injury he sustained in Week 4 last season.
Foles cracked his collarbone in September against the Chiefs, opening the door for Minshew to take hold of the position.
The 31-year-old Foles threw for just 736 yards with three touchdowns and two interceptions in four games last season. He has passed for 11,901 yards with 71 touchdowns and 35 interceptions in 58 games with the Philadelphia Eagles (2012-14, 2017-18), then-St. Louis Rams (2015), Chiefs (2016) and Jaguars (2019).
Foles has been the subject of the highest praise from Nagy, who coached the quarterback in Philadelphia and Kansas City. When Foles got to Kansas City and didn't have a car, he used Nagy's ride. They met when Foles was a rookie and Nagy was with the Eagles as a coaching intern.
"Nick is as good of a human being as you will find. You want to talk about people who do things the right way," Nagy said of Foles in January 2019. "He's somebody who cares about others, somebody who just wants to play for the love of the game."
Trubisky, 25, completed 63.2 percent of his passes for 3,138 yards, 17 touchdowns and 10 interceptions last season.
The 2017 first-round pick (No. 2 overall) has a 23-18 career record as the Bears' starter, completing 63.4 percent of his throws for 8,554 yards with 48 touchdowns and 29 interceptions. He made the Pro Bowl and led Chicago to the NFC North division title in 2018.
Chase Daniel, Trubisky's backup last season, signed a deal with the Detroit Lions to back up Matthew Stafford.
--Field Level Media