Nick Foles' inevitable departure came without the Bears receiving anything in return besides a small bit of salary cap space.
Foles is being given his release by Bears GM Ryan Poles, according to NFL Network's report and the move will be dated post June 1 to allow the Bears to take back $3 million of cap space.
In the process, they'll absorb $7.6 million more in dead cap space, or money they can't spend against this year's cap because of players released who were due guaranteed bonus moey. Foles eventually cost them $21 million in cap space over the length of his three-year deal and played just two seasons. They gave up a fourth-round pick in the trade with Jacksonville to acquire him.
According to Overthecap.com, the Bears have close to $57 million in dead cap space, money they can't use in this year's salary cap.
"Ryan Poles did the classy thing and Nick appreciates it," agent Justin Schulman told NFL Network's Mike Garafolo.
Poles had said at the owners meetings he was trying to trade Foles and said at Saturday's press conference after the draft the situation hadn't yet been resolved.
Trevor Siemian and Ryan Willis are now the backups behind Justin Fields.
The Super Bowl LII MVP last year engineered a 25-24 comeback win in the snow at Seattle during his only appearance of the year. He went 24 of 35 for 250 yards and a touchdown in the game.
Foles played in 10 games total for the Bears and completed 65.1% (226 of 347) for 2,102 yards with 11 TDs and eight interceptions. He averaged 6.1 yards per pass attempt and had a passer rating of 82.6.
While Foles' final game was memorable, his first appearance was probably his peak and it wasn't a start. He relieved struggling Mitchell Trubisky in the second half of the third game of the year against Atlanta in 2020 and threw three fourth-quarter touchdown passes, sparking a 30-26 comeback win after the Bears trailed 26-10.
Foles, who signed with Jacksonville in 2019 for $88 million to leave the Eagles, won three of his eight Bears starts and they were 2-5 in his starts in 2020.
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