Foles can benefit from the contract in his own right. He can earn up to $6 million in incentives each season if he reaches undisclosed performance thresholds, and every dollar earned there turns into extra base salary for the following year -- up to $14 million in total, which would be reflected in the Bears' cap hit. While those incentives aren't clear, they often include bonuses for making the Pro Bowl or reaching certain statistical thresholds. Foles can also void his deal after each season based on performance, Rapoport reported.
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By reworking Foles' deal, the Bears save $7,587,500 on his 2020 cap hit and now have about $9 million in salary cap space, according to OverTheCap. That figure doesn't include contract details for newly acquired offensive lineman Germain Ifedi, who officially signed with the Bears on Wednesday.
Foles, 31, was acquired by the Bears in exchange for their compensatory fourth-round pick in the 2020 draft. He was brought to Chicago to compete with incumbent starting quarterback Mitchell Trubisky, who's entering the fourth and final year of his rookie contract.
The eight-year veteran Foles has started 48 games during his career, over which he has completed 61.9 percent of his passes for 11,901 yards, 71 touchdowns and 35 interceptions. He was named the MVP of Super Bowl LII after leading the Eagles to a championship in February 2018.