Nick Foles is reportedly set to opt out of his contract with Philadelphia, leaving the Eagles with one final decision that will shape the quarterback market this offseason

  • ESPN's Adam Schefter reported on Tuesday that Eagles quarterback Nick Foles will be opting out of his contract for the 2019 season.
  • The move leaves the Eagles with two options — let Foles walk in free agency, or use the franchise tag to keep him with the team and attempt to trade him.
  • As things stand, it looks as though the Eagles will use the franchise tag, as Foles will likely be the most coveted quarterback on the market this offseason, and have plenty of potential suitors.

The Nick Foles era is one step closer to ending in Philadelphia.

After the Eagles notified Foles that they would be picking up the mutual option of his $20 million contract for the 2019 season, ESPN's Adam Schefter reported that a source told him Foles would be opting out of the deal.

Foles opting out of his $20 million deal leaves the Eagles with two options — letting Foles walk into free agency, or placing the franchise tag on him.

Should the Eagles choose to use the franchise tag, the team would likely attempt to work out a trade with another team to ensure they got some return value for their departing quarterback. The franchise tag on a quarterback for the 2019 season will likely be worth around $25 million.

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Carson Wentz and Nick Foles together
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Carson Wentz and Nick Foles together
PHILADELPHIA, PA - DECEMBER 31: Quarterback Nick Foles #9 (R) of the Philadelphia Eagles warms up as injured quarterback Carson Wentz #11 (L) looks on before the game against the Dallas Cowboys at Lincoln Financial Field on December 31, 2017 in Philadelphia, Pennsylvania. (Photo by Mitchell Leff/Getty Images)
PHILADELPHIA, PA - JANUARY 21: Carson Wentz #11 and Nick Foles #9 of the Philadelphia Eagles celebrate their teams win over the Minnesota Vikings in the NFC Championship game at Lincoln Financial Field on January 21, 2018 in Philadelphia, Pennsylvania. The Philadelphia Eagles defeated the Minnesota Vikings 38-7. (Photo by Al Bello/Getty Images)
PHILADELPHIA, PA - JANUARY 21: Philadelphia Eagles quarterback Nick Foles (9) and Philadelphia Eagles quarterback Carson Wentz (11) have a quick laugh together during the NFC Championship Game between the Minnesota Vikings and the Philadelphia Eagles on January 21, 2018 at the Lincoln Financial Field in Philadelphia, Pennsylvania. The Philadelphia Eagles defeated the Minnesota Vikings by the score of 38-7. (Photo by Robin Alam/Icon Sportswire via Getty Images)
BLOOMINGTON, MN - JANUARY 31: Carson Wentz #11 of the Philadelphia Eagles looks on as teammate Nick Foles #9 passes the ball during Super Bowl LII practice on January 31, 2018 at the University of Minnesota in Minneapolis, Minnesota. The Philadelphia Eagles will face the New England Patriots in Super Bowl LII on February 4th. (Photo by Hannah Foslien/Getty Images)
MINNEAPOLIS, MN - FEBRUARY 04: Carson Wentz #11 and Nick Foles #9 of the Philadelphia Eagles take the field prior to Super Bowl LII against the New England Patriots at U.S. Bank Stadium on February 4, 2018 in Minneapolis, Minnesota. (Photo by Elsa/Getty Images)
MINNEAPOLIS, MN - FEBRUARY 04: Nick Foles #9 of the Philadelphia Eagles celebrates with teammate injured quarterback Carson Wentz #11 after defeating the New England Patriots 41-33 in Super Bowl LII at U.S. Bank Stadium on February 4, 2018 in Minneapolis, Minnesota. (Photo by Elsa/Getty Images)
PHILADELPHIA, PA - JUNE 12: Nick Foles #9 of the Philadelphia Eagles talks to Carson Wentz #11 during Eagles minicamp at the NovaCare Complex on June 12, 2018 in Philadelphia, Pennsylvania. (Photo by Mitchell Leff/Getty Images)
PHILADELPHIA, PA - FEBRUARY 08: (L-R) Quarterbacks Nick Foles #9, Nate Sudfeld #7 and Carson Wentz #11 of the Philadelphia Eagles, acknowledge fans as Wentz hoists the Vince Lombardi Trophy atop a parade bus during festivities on February 8, 2018 in Philadelphia, Pennsylvania. The city celebrated the Philadelphia Eagles' Super Bowl LII championship with a victory parade. (Photo by Corey Perrine/Getty Images)
PHILADELPHIA, PA - AUGUST 09: Nick Foles #9 and Carson Wentz #11 of the Philadelphia Eagles look on prior to the preseason game against the Pittsburgh Steelers at Lincoln Financial Field on August 9, 2018 in Philadelphia, Pennsylvania. (Photo by Mitchell Leff/Getty Images)
PHILADELPHIA, PA - AUGUST 30: Nick Foles #9 of the Philadelphia Eagles looks on while Carson Wentz #11 warms up behind him prior to the preseason game at Lincoln Financial Field on August 30, 2018 in Philadelphia, Pennsylvania. (Photo by Mitchell Leff/Getty Images)
PHILADELPHIA, PA - SEPTEMBER 06: Nick Foles #9 of the Philadelphia Eagles warms up as Carson Wentz #11 looks on before the game against the Atlanta Falcons at Lincoln Financial Field on September 6, 2018 in Philadelphia, Pennsylvania. (Photo by Mitchell Leff/Getty Images)
PHILADELPHIA, PA - SEPTEMBER 06: Philadelphia Eagles Quarterback Nick Foles (9) and Philadelphia Eagles Quarterback Carson Wentz (11) discuss a play during a NFL game between the Atlanta Falcons and the Philadelphia Eagles on September 6, 2018 at Lincoln Financial Field in Philadelphia,PA. (Photo by Andy Lewis/Icon Sportswire via Getty Images)
PHILADELPHIA, PA - SEPTEMBER 23: (L-R) Quarterback Carson Wentz #11 of the Philadelphia Eagles and teammate quarterback Nick Foles #9 look on during warm ups before taking on the Indianapolis Colts at Lincoln Financial Field on September 23, 2018 in Philadelphia, Pennsylvania. (Photo by Mitchell Leff/Getty Images)
PHILADELPHIA, PA - SEPTEMBER 23: (L-R) Quarterback Carson Wentz #11 of the Philadelphia Eagles and teammate quarterback Nick Foles #9 warm up before taking on the Indianapolis Colts at Lincoln Financial Field on September 23, 2018 in Philadelphia, Pennsylvania. (Photo by Mitchell Leff/Getty Images)
PHILADELPHIA, PA - OCTOBER 07: Carson Wentz #11 (L) of the Philadelphia Eagles throws the ball next to Nick Foles #9 before the game against the Minnesota Vikings at Lincoln Financial Field on October 7, 2018 in Philadelphia, Pennsylvania. (Photo by Corey Perrine/Getty Images)
PHILADELPHIA, PA - DECEMBER 23: Nick Foles #9 of the Philadelphia Eagles walks off the field as Carson Wentz #11 looks on in the fourth quarter against the Houston Texans at Lincoln Financial Field on December 23, 2018 in Philadelphia, Pennsylvania. The Eagles defeated the Texans 32-30. (Photo by Mitchell Leff/Getty Images)
PHILADELPHIA, PA - DECEMBER 23: Carson Wentz #11 speaks with Nick Foles #9 of the Philadelphia Eagles before the game against the Houston Texans at Lincoln Financial Field on December 23, 2018 in Philadelphia, Pennsylvania. Philadelphia defeats Houston 32-30. (Photo by Brett Carlsen/Getty Images)
LANDOVER, MD - DECEMBER 30: Carson Wentz #11 of the Philadelphia Eagles looks on as Nick Foles #9 throws the ball before the game against the Washington Redskins at FedExField on December 30, 2018 in Landover, Maryland. (Photo by Scott Taetsch/Getty Images)
CHICAGO, IL - JANUARY 06: Philadelphia Eagles quarterback Carson Wentz (11) and Philadelphia Eagles quarterback Nick Foles (9) look on before an NFL NFC Wild Card football game between the Philadelphia Eagles and the Chicago Bears on January 06, 2019, at Soldier Field in Chicago, IL. (Photo by Daniel Bartel/Icon Sportswire via Getty Images)
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Foles was once again vital to the Eagles 2018 campaign, bring the Eagles playoff hopes back from the dead and carrying the team to a Wild Card win over the Chicago Bears to follow up his MVP performance in Super Bowl LII.

Read more: Nick Foles' 2-year run with the Eagles has left his future uncertain, but it could turn into a big win for the Eagles

Regardless of his success with the team, the Eagles are committed to Carson Wentz as their franchise quarterback moving forward, and Foles has been clear about his desire to be the top guy with a franchise.

"I would love to lead a team," Foles said after the team's playoff run ended in New Orleans this year (via ESPN's Tim McManus). "The starter thing, leading a team, impacting a locker room ... that's why we play the game, to impact people, to create an atmosphere."

Heading into the 2019 offseason, Foles will likely be the most-desired quarterback on the market — the only thing left to determine is how teams will go about getting him.

If the Eagles let him walk, it will all come down to which team puts up the best deal, as Foles will be able to choose his destination, going through offers and selecting his next team based on fit, location, compensation, and whatever other factors he finds important to his lifestyle.

If the Eagles do decide to use the franchise tag, teams that covet Foles will instead be courting the Eagles, needing to give up a pick or possibly a player in a trade. According to Schefter, the price for Foles is expected to be close to a third-round pick.

As things stand, the Eagles using the franchise tag seems like the most likely outcome, as it is the only way the team can ensure they get something back for his departure. There shouldn't be a shortage of bidders, with the Jacksonville Jaguars, Miami Dolphins, New York Giants, Washington Redskins, Denver Broncos, and more all at least vaguely in the market for a quarterback.

At 30, Foles still has plenty of good years of football left in him, and in his time with the Eagles has proven himself deserving of a starting gig. All that's left is for the Eagles to make their decision and for a deal to be made.

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