UPDATE — The Bears made Nick Foles’ release officially official:
The rest of our original post is as follows below.
As the NFL Draft ushers in a new era of players for the Chicago Bears, one transaction represents the latest move in cutting ties with the past.
After failing to find a willing partner in trade talks, the Bears are set to release quarterback Nick Foles:
The #Bears have agreed to release QB Nick Foles, his agent Justin Schulman confirmed. The team’s new regime decided to allow Foles to find his next home rather than continue to search for a trade partner. “Ryan Poles did the classy thing and Nick appreciates it,” Schulman said.
— Mike Garafolo (@MikeGarafolo) May 1, 2022
The Bears have been trying to trade Foles for about a year now. Ryan Pace couldn’t do it. And neither could Ryan Poles. In the end, it’s about time these two sides parted ways.
Chicago’s drafting of Justin Fields last year was the first step toward moving on, but no deal ever surfaced for the veteran quarterback. Not last year when Foles was being showcased for a deal in the preseason. And not this year, when quarterbacks were changing hands every time you were refreshing Twitter. Signing Trevor Siemian to a free agent deal signified one last move hinting that Foles’ departure was virtually imminent, but the Bears held out hope a trade companion would reveal themselves. They didn’t. And now, Foles will hit the free agent market.
Once it becomes officially official, the cut will create $3 million in cap space for the Bears. It will come with a dead money hit of $7,666,668, but the more valuable things to come of it are freedom for Foles and a few extra million in cap space for Chicago. According to OverTheCap.com, that would bring the Bears to $16,883,251 in available cap space. That feels like more than enough to sign their draft class, and perhaps invest in some helpful receivers or offensive linemen.