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.
#Eagles have notified QB Nick Foles that they will exercise his 2019 $20M option, per @Tim_McManus. Foles can now buy back his freedom for $2M. Philly will likely then franchise him and find a trade partner.— NFL Update (@MySportsUpdate) February 6, 2019
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
They also could decide to cut Foles outright if they cannot find a sufficient trade partner.
Of note: If Nick Foles does decide to accept the option ($20M is a lot of dough) the salary doesn’t become fully guaranteed until March 18, so if #Eagles couldn’t find a trade, they COULD cut him before then.— Zack Rosenblatt (@ZackBlatt) February 6, 2019
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 #Eagles can still cut Nick Foles if he picks up the option. So Foles is better off making them place the franchise tag on him and signing it. That would essentially guarantee him $25 million in 2019. https://t.co/yrYftKBPgG— Eliot Shorr-Parks (@EliotShorrParks) February 6, 2019
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.