Per Over the Cap, Parkey is signed through 2021 but only has guaranteed money on the Bears books in 2019. According to Rapoport, the Bears will eat that $3.5 million left.
However, Parkey's 2018 campaign did not end well. Of note, his game-winning field goal attempt against the Eagles in an NFC wild-card game was partially blocked before going off the upright and crossbar. The Eagles won 16-15.
Parkey went on the Today Show to talk about the missed kick, which clearly upset head coach Matt Nagy. At that point, the writing may have been on the wall for the kicker's Chicago tenure.
"We always talk about a 'we' and not a 'me' thing, and we always talk as a team [that] we win as a team, we lose as a team. I didn’t necessarily think that was too much of a 'we' thing," Nagy said in his postseason press conference via Rich Campbell of the Chicago Tribune.
Bears general manager Ryan Pace also implied in mid-January that the team would be looking for a new kicker in 2019:
"As we go forward, we’ve got to be real and say that’s an important position for us," Pace said. "It’s a position of emphasis. We want more production out of that position, and we’re going to get that.
"Our goal, of course, is to hit on every draft pick and every (free agent). But that’s just not reality. Sometimes when that doesn’t happen, you have to self-reflect and be honest and then improve it going forward."
Parkey had been coming off a successful 2017 season thanks to 21 field goals on 23 attempts. He also enjoyed a stellar 2014 rookie campaign with 32 makes on 36 tries, including a perfect 4-for-4 from 50-plus yards.
Although his Bears tenure was ultimately a disappointment, the 27-year-old Parkey has shown the capability of being a productive and accurate kicker and could still excel elsewhere.