Nick Foles Trade Rumors: Latest on Jaguars Plans, Bears Potential Interest

The 2020 NFL quarterback carousel continues to spin.

Former New England Patriots quarterback Tom Brady is set to land with the Tampa Bay Buccaneers, according to ESPN's Adam Schefter and Jeff Darlington. Philip Rivers is set to join the Indianapolis Colts, according to NFL Media's Ian Rapoport.

With Teddy Bridgewater joining the Carolina Panthers—ESPN's Chris Mortensen—the Chicago Bears are running out of quarterback options.

According to Dam McNeil of 670 The Score, Chicago made Bridgewater an offer similar to the one that landed him with Carolina.

Chicago has long defended quarterback Mitchell Trubisky publicly, but now that free agency has unofficially opened—it will officially do so at 4 p.m. ET on Wednesday—the Bears have tipped their hand. They are in the market for a quarterback. Andy Dalton and Nick Foles are at the top of their wish list, according to ESPN's Ed Werder:

Foles is the interesting name to note here—and The Athletic's Michael Lombardi also reported that Chicago is interested in trading for him.

While Dalton is likely available—the Cincinnati Bengals are expected to draft LSU's Joe Burrow No. 1 overall—Foles is not officially on the trade block. While teams have inquired about the former Super Bowl MVP, the Jaguars have not shown interest in moving him, according to ESPN's Adam Schefter:

However, as Schefter notes, the right deal could change Jacksonville's perception of the matter. Jacksonville also has Gardner Minshew II under contract and is currently expected to let him and Foles compete for the starting job.

"Both players will compete," general manager David Caldwell said on CBS Sports HQ. "I don't think there's anything wrong with that."

For the right price, however, the Jaguars could be convinced to eschew the competition and to hand Minshew the starting job.  Part of that price will involve overcompensating for Foles' contract

The Jaguars signed the former Philadelphia Eagles backup-turned-hero to a four-year, $88 million deal last offseason. The issue with a trade is that nearly $34 million in dead money remains on that deal. According to Spotrac, Jacksonville would have to eat nearly $19 million in dead money in order to trade Foles.

This means that to acquire Foles, the Bears would have to make the compensation valuable enough for Jacksonville to do that.

This puts Chicago in a difficult situation. It is likely to bring in Foles as competition to Trubisky and not to outright replace him—Foles still has yet to prove himself away from Philadelphia.

Giving up a high draft pick for a quarterback who may or may not be an upgrade over the current starter is risky at best and a mistake if it doesn't work out. However, giving up a mid-round pick might not be enough to get Jacksonville to bite.