Source: Foles quickly pays $2M buyout to Eagles
According to a source, the payment was being taken care of Wednesday, one day after Foles opted out.
The Eagles officially notified Foles that they were exercising the $20 million option in his contract Tuesday evening. Within minutes, Foles informed the team that he was voiding the option, a source told ESPN’s Adam Schefter.
According to the language in the contract, Foles had to pay $2 million to the Eagles via cashier’s check by Feb. 16 — the 25th day prior to the start of the new league year. But it already has been taken care of.
The $2 million from Foles will offer the Eagles cap relief in the form of salary credited or refunded in 2019.
The team still has the option of placing the franchise tag on Foles and intends to do so in an effort to then try to trade him, sources on other NFL teams who have been in touch with Philadelphia told Schefter.
The franchise tag number for quarterbacks is expected to be around $25 million for next season. The window for teams to designate franchise or transition players is Feb. 19 to March 5.
The Eagles have publicly committed to Carson Wentz as their starting quarterback moving forward. By placing the franchise tag on Foles, the Eagles would have an opportunity to receive compensation for Foles via trade while having a say on where he ends up. The price for Foles is expected to be around a third-round pick, a source told Schefter.
Foles, the MVP of Super Bowl LII, stepped in again for the injured Wentz at the end of this past season and helped the Eagles to three straight regular-season wins and a playoff victory at the Chicago Bears in the wild-card round.
Foles, 30, completed 72 percent of his passes and threw for seven touchdowns and four interceptions in five regular-season games in 2018.