It's happening, folks. On Tuesday, the Philadelphia Eagles formally notified quarterback Nick Foles that they will pick up his $20 million option for 2019.

None of the $20 million is guaranteed until March 18th, and if Foles decides that he wants to become a free agent -- he's expected to do exactly that -- he will have to pay $2 million back to the Eagles. 

Even though they already have Carson Wentz on the roster, this is a fair move for Philadelphia. While their asking price for Foles in a trade would be the same as the compensation they would get from another team signing him, the Eagles have full control as to where he ends up thanks to the option of using the franchise tag, and can ensure that he doesn't fall right into the lap of an NFC rival.

They also could decide to cut Foles outright if they cannot find a sufficient trade partner. 

In Foles' corner, it makes the most sense for him to buy out of his contract and force the Eagles to use the tag on him. By doing this, Foles can guarantee himself much more than $20 million and put himself in the driver's seat financially no matter where he plays next season. 

The most likely scenario right now would be that the Super Bowl LII MVP decides to buy out his deal, signs a franchise tender for around $25 million, and sits back and waits as the Eagles shop him around.

Of course, there's always Carson Wentz's health to take into consideration. But if you ask most observers, ​we've seen the last of Foles in an Eagles jersey