Before the revision, Foles was set to become an unrestricted free agent after this upcoming season.
NFL Network Insider Ian Rapoport reported the deal includes a $2 million raise for 2018, and the QB can earn up to $14 million more in incentives if he becomes the starter and hits various benchmarks as Philly's starting QB.
Foles was set to earn $7 million in 2018, the final season of a two-year deal signed before the 2017 season to be Carson Wentz's backup. Foles' market changed markedly after taking over for the injured Wentz and leading the Eagles to their first Super Bowl title in franchise history and claiming game MVP honors.
Garafolo reports that Philly's reshuffling of Foles' deal has nothing to do with the health of Wentz, who is not guaranteed to be ready to play in the season opener against the Atlanta Falcons. Wentz is still recovering from a torn ACL and LCL suffered in Week 14 last season, but reiterated this week that, while it's hard to put a timetable on his recovery, starting Week 1 is "still the goal."
Garafolo clarified that Foles' deal was instead redone to reward the journeyman with a pay bump for his performance in the postseason while also providing him the opportunity to hit free agency next spring if he decides to do so.
His career rejuvenated, Foles received speculative trade interest this offseason, and the 29-year-old quarterback is open to being a starting quarterback again, somewhere.
"I know there was some stuff going around, a possible trade, and I would love the opportunity to be a starter again," Foles said on a radio show earlier this week. "I know my spot in Philly. I think I've shown what I can do. I'm signed for one more year and I love the team, I love the city.
"I'm excited for Carson to get back on his feet. I'll be ready to go whenever they need me. But we'll see."
But now that the QB's new deal includes a mutual option for another year, could that entice a QB-needy team that misses out on one of the top five prospects in next week's draft to pony up a first-rounder or more for Foles?
From Philly's point of view, Foles' new deal is justified based on his postseason performance alone and gives the Eagles insurance under center just in case Wentz suffers an unforeseen setback. The revised contract, a move Rapoport reported the Eagles "didn't really have to do," makes clear that the organization's admiration and respect for the Super Bowl MVP is immense and that they'd like to keep him at all costs, including first-round picks.