Per Rapoport, the deal includes a guaranteed $18.5 million over three years, with Schefter adding the total deal will be worth $45 million. On Friday morning, Albert Breer of TheMMQB.com reported that "Glennon's three-year, $45 million deal is basically a one-year, $16 million with team options for 2018 and '19."
Glennon, 27, threw all of 11 passes in the past two seasons, as 2015 No. 1 overall pick Jameis Winston has been excellent and durable as the team's starter. Winston is now the face of the organization, leaving Glennon as nothing more than a backup.
He was once thought to be the future of the franchise himself after being a third-round pick in the 2013 NFL draft. But in 19 games in the 2013-14 seasons, he never quite seized the position, throwing for 4,025 yards, 29 touchdowns and 15 interceptions while completing just 58.8 percent of his passes.
Winston, meanwhile, has thrown for 8,132 yards, 50 touchdowns and 33 interceptions in his two seasons. This year, he led the Bucs to their first winning season since 2010.
The Buccaneers likely were expecting to lose Glennon this offseason in free agency and signed Sean Renfree in late January to fill out the quarterback depth chart behind Winston. Ryan Griffin also remains on the roster, so Glennon was expendable.
But the Bears will give Glennon every opportunity to be the starter going forward, another key factor in his departure. It will likely be Glennon's last chance to prove he deserves to be more than a backup, however, and if he doesn't deliver, he will likely find himself as a No. 2 option for the duration of his career.
The Bears have had quarterback struggles in recent years, with Cutler leading the team to the postseason just once since he became the team's starter in 2009. Addressing the position was the team's primary goal for the offseason, though it remained unclear if the Bears would do so via free agency, a trade or the NFL draft.
Glennon's signing indicates the Bears believe they can compete sooner rather than later, as drafting a young quarterback would have required a different level of patience. Still, it's been a few years since he's been a starter, so there will be an adjustment period.
But there will be big expectations for Glennon as he seeks to end the team's six-year playoff drought.