Newly signed Jacksonville Jaguars starting quarterback Nick Foles met the press today, which also meant that VP of football Tom Coughlin and general manager David Caldwell also met the media. We will cover a lot of what they talked about through this week, however one important note was clarification of Nick Foles contract and cap figure.
According to Caldwell, Foles will have a cap hit of roughly $12 million in 2019, $21 million in 2020 and he received a signing bonus of $25 million. The full guarantees of the contract are $45 million plus $5 million for injury. What that means is that a huge chunk of the Foles guarantees are paid out in the first year of the deal, meaning that it’s likely going to end up being a two-year type of deal that the team can get out of in 2021 should it not work out, but hopefully that’s not the case.
With the $25 million signing bonus, $6.25 million will be pro-rated through the four years of the contract, but that is about $30.75 million in cash fully paid out to Foles immediately, which is why it counts as “guaranteed” money paid out. The rest of the guaranteed money would likely be paid out in year two, meaning after the 2020 season the only dead money hits you’re taking is from the remaining $12.5 million in prorations from the signing bonus.
More or less it’s a two-year deal that can bring cap savings in 2021 if it doesn’t work out.