According to ESPN's Adam Schefter, the quarterback still has three years remaining on his deal, but he can void the remainder of the contract in either of the next two offseasons depending on his performance. His $21 million guaranteed also remains intact.
The 31-year-old signed a four-year, $88 million deal with Jacksonville as a free agent last offseason, but his time with the team didn't go according to plan.
Foles suffered a broken clavicle in Week 1 and struggled upon returning, losing the starting job to rookie Gardner Minshew II. He finished the season with 736 passing yards, three touchdowns and two interceptions in four starts, all losses for Jacksonville.
The Super Bowl LII MVP will get a chance at a fresh start if he beats out Mitchell Trubisky for the starting job in Chicago.
However, his current contract featured fewer guarantees after this season and a lot of uncertainty for the final two years. He can make more than $40 million combined in 2021 and 2022, but the Bears can release him with just $12.5 million remaining against the cap, per Spotrac.
If the Arizona product doesn't live up to expectations, the team would likely let him go without much of a penalty.
The latest restructure gives Foles more power in case he does play well. A big 2020 season could allow him to void the remaining two years and hit free agency, potentially making more money with more guarantees in 2021.