Sources: Nick Foles voids option after Eagles pick it up, setting stage for free agency or franchise tag
Foles is expected to “buy” back the option for $2 million, which would make him eligible for free agency.
The Eagles officially informed Nick Foles that they will pick up the $20 million option for 2019 on his contract, and the quarterback in turn informed them that he would void the option, NFL sources said Tuesday.
Foles will buy back the option for $2 million, which would make him eligible for free agency this offseason. He has until Feb. 16 to officially sign the paperwork. The Eagles, however, can use their franchise tag on Foles sometime between Feb. 19 and March 5.
The Eagles would likely only use the one-year tag if they could trade Foles, after he ostensibly signed the tag. A handshake deal with another team -- trades can’t become official until the new league year opens on March 13 -- would likely need to be agreed upon before the tag, otherwise the Eagles could end up on the hook for around $25 million for a backup.
There are a handful of possible partners, including the Jaguars, Broncos, Dolphins or Redskins. The Eagles would prefer to not see Foles, 30, in the NFC East.
Last month, Eagles coach Doug Pederson confirmed that Carson Wentz, 26, would be the starting quarterback moving forward, despite Foles' success in the postseason over the last two seasons. Retaining Foles as the backup makes little sense considering the amount the team would have to pay.
Despite a number of possible trade scenarios, the likely end result is that Foles enters free agency and signs with another team, and the Eagles receive around a fifth-round draft pick in 2020 as compensation.