With Nick Foles leaving for the Jacksonville Jaguars in free agency, Wentz is clearly the team's franchise quarterback going forward. This move ensures that he remains with the team instead of potentially becoming a free agent after next season.
While it was a relatively easy decision, the quarterback will still make $22,783,000 in 2020 with the fifth-year option, per Jimmy Kempski of the Philly Voice.
This will be a significant jump from his previous salary after making $26.7 million in his first four years combined, per Spotrac. He has just an $8.4 million cap hit for the 2019 season.
With Wentz also likely to command a large new contract comparable to other top quarterbacks in the NFL beginning in 2021, this will likely shift the Eagles' plans toward roster construction following this year. Suddenly, the team might not be able to afford to keep or add other high-priced players.
According to Spotrac, Philadelphia already ranks 28th in the NFL in cap space available for 2020.
Still, Wentz has showed his skill when healthy, earning a Pro Bowl selection in 2017 while being a legitimate candidate for the league's MVP award. Over the past two seasons, he has 6,370 passing yards, 54 touchdowns and just 14 interceptions in 24 games.
The only question is whether he can stay on the field after knee and back problems have limited him in the past two years.