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The Philadelphia Eagles are getting close to placing the franchise tag on Nick Foles, in an effort to keep him from signing with a team within their NFC East division. This could end up backfiring if Foles decides not to sign anywhere else. CBS Sports confirms that a franchise tag would cost $25 million to keep Nick Foles for another season and to keep him away from the New York Giants.

NFL insiders believe that the Giants are considering moving away from Eli Manning and that the Eagles keeping their backup from the Giants is what is making them strongly consider franchise tagging him. Eagles General Manager Howie Roseman has confirmed that the front office is considering this option because moves were made that could send Foles into the free agency market, making him one of the top quarterbacks available.

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Giants appear to be a threat when it comes to acquiring Nick Foles

The Eagles believe that New York will cut Eli Manning, and attempt to land Nick Foles when he hits free agency. Forbes reported that Philadelphia exercised the $20 million option on his contract for the 2019 season. Foles also voided his contract, giving Philadelphia the option to tag Foles, guaranteeing him $25 million for one season, with the hopes of trading him to another team.

A trade deal hinges on several things. First, Nick Foles would have to actually cooperate with the process but several things could affect the deal.

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If Philly franchise tags him and Foles signs it but refuses to sign a new deal, the Eagles would be stuck with Foles on their roster for another season, costing the team $25 million. This would cause the Eagles to make hard salary cap decisions, forcing them to cut key players, just to keep a backup quarterback.

Nick Foles costly franchise tag would cause team to cut key players

Estimates have put the Philadelphia Eagles $4 million over the salary cap of $191 million for the 2019-2020 season. Keeping Foles would cost them the ability to keep star players like Nelson Agholor. Potential suitors would be forced to pay Foles what he wants and be a team that Foles wants to play for. After his time in St Louis, it's clear Foles will not play for just any team that wants to sign him.

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There are multiple teams looking to sign a quarterback this offseason, including the Giants, Jaguars, Dolphins, and Redskins. However, Washington's need is limited as they expect Alex Smith will return in 2020. Other teams could also include Denver, Cincinnati, and Oakland, depending on whether they are satisfied with how their starters are performing.