Report: Colts Explored a Potential Trade for Jaguars’ Quarterback Nick Foles

Mike Garafolo of NFL Network reported Wednesday morning that the Colts were among one team who was interested in a deal with the Jaguars for quarterback Nick Foles.

While the Jacksonville Jaguars are now set to play Philip Rivers twice a year following his one-year agreement with the Indianapolis Colts, there were reportedly discussions had between the two teams about a potential trade for Jaguars' quarterback Nick Foles, according to Mike Garafolo of NFL Network.

From Free Agency Frenzy on @nflnetwork: Before signing Philip Rivers, the #Colts were working multiple QB options, including a potential trade with the #Jaguars for Nick Foles. pic.twitter.com/ntA5vYTbjT

— Mike Garafolo (@MikeGarafolo) March 18, 2020

"Now, I am going to add a little wrinkle to this one here that we may not know about to this point. The Colts and Jaguars also had discussions about a potential trade for Nick Foles, and it got to the point where they were discussing draft pick compensation. And it sounds like this was going on while they were also having contract discussions with Philip Rivers," Garafolo said.

Foles' name has been a popular topic this week as teams continue to revamp their quarterback rooms and change the landscape of passers in the NFL, but no deal has yet been made. Instead, the Jaguars have used the tampering period to add linebacker Joe Schobert and cornerback Darqueze Dennard to the roster.

Foles joins other veteran passers such as Cam Newton and Andy Dalton who could be possibly traded over the coming weeks, though Foles would come at a higher financial price than either of those players. W

The Jaguars are still listening to trade offers for QB Nick Foles but there are other QB options (Jameis Winston, Andy Dalton, Cam Newton) for teams to consider so there may not be any movement there today -- though that may change quickly with the... https://t.co/J2mgOXEigf

— Michael DiRocco (@ESPNdirocco) March 18, 2020

Teams have approached Jacksonville about Nick Foles for weeks. To date Jacksonville has been unwilling to trade him. It still feels that way. But never know what happens if another team gets aggressive.

— Adam Schefter (@AdamSchefter) March 16, 2020

While it would be an interesting scenario for the Jaguars to deal Foles to an AFC South rival, it makes sense why the Colts would have reported interest in the former Super Bowl MVP. Indianapolis head coach Frank Reich was Foles' offensive coordinator in Philadelphia in 2017 when Foles led the Eagles to a Super Bowl win, and Foles has often pointed to Reich as a driving force behind that year's success.

"If you get me to start talking about Nick as a person this could be a very long phone call because there are few people like him in this world,” Reich said on a conference call before the Colts played the Jaguars in November. “I mean, this guy is a unique human being.”

But instead of giving up picks to a division rival, the Colts have seemingly opted to sign Rivers to a one-year, $25 million contract. 

Foles signed a four-year, $88 million deal with the Jaguars last March, with the team was hoping the veteran passer could step in and provide stability to a position that had been in flux in Jacksonville for years.

Foles has a cap hit of $21,875,000 in 2020, and a pre-June 1st trade of Foles would equate the Jaguars paying $18,750,000 in dead cap, per OverTheCap. Foles also still has three years remaining on the original deal he signed with Jacksonville. 

Foles' 2019 went wayward when he injured his clavicle during the first quarter of Week 1. With him on the sideline, rookie quarterback Gardner Minshew II took over the offense and made a strong impression for the next eight games before Foles returned as the starter in Week 11.

Foles' second stint as starter didn't go much better than the first, however, as he was benched in favor of Minshew at halftime of Week 13. In four games in 2019, Foles completed 65.8% of his passes and threw for 736 yards (6.3 yards per attempt) with three touchdowns and two interceptions.