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Report: Foles voids contract with Eagles

Eliot Shorr-Parks
February 05, 2019 - 7:18 pm

The Eagles notified Nick Foles on Tuesday evening that they will pick up their end of the mutual option in his contract for the 2019 season, per an ESPN report.

It didn't take long for Foles to respond. 

Per ESPN, Foles has already informed the Eagles he will buy his way back into free agency, not picking up his end of the mutual option and paying the team back $2 million to do so. 

Now, the Eagles have to decide if they will place the franchise tag on Foles in an attempt to trade him, or allow him to walk into free agency. 

Here is everything you need to know about the franchise tag and the possibility of the Eagles being able to trade him:

The Franchise Tag

Assuming Foles and the Eagles do not pick up the mutual option, the Eagles next option to try to trade Foles would be to franchise tag him. The deadline for placing a franchise tag on a player is March 5. Although the franchise tag numbers are not yet known, the number for a quarterback is expected to be around $25 million. 

If the Eagles place the franchise tag on Foles, he would then have to sign it to be traded. If Foles does not sign the tag, the Eagles would not be able to trade him.  The risk for the Eagles in placing the franchise tag on Foles would be if he signs it, the money is then fully guaranteed. So if Foles signed it, and then the Eagles couldn’t find a team willing to trade for him, they would then be stuck with him on the roster in 2019 for $25 million. 

The Trade

The Eagles can’t trade Foles until the new league year begins on March 13th at 4 p.m. They can negotiate a deal with a team under the table, and execute that trade as soon as the new league year begins, but they can’t officially trade Foles until March 13th. The Eagles also have to be under the salary cap by March 13th — which means if they want to trade Foles, they have to both have him under contract and be under the salary cap when the new league year begins. 

Making that happen could be complicated. The Eagles are currently around $8 million over the salary cap, with Foles on the books for $20 million (the mutual option). That means if Foles and the team agree to the mutual option, the Eagles would have to shed around $8 million in salary cap space to trade Foles once the new league year begins. If they trade Foles for a draft pick, they would then get that $20 million in salary cap space to sign free agents. If the Eagles have to franchise tag Foles to trade him, and he signs it, the Eagles would need to clear $13 million-or-so to trade him. 

You can reach Eliot Shorr-Parks on Twitter at @EliotShorrParks or email him at esp@94wip.com!

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