Chuck Cook-USA TODAY Sports

The Jacksonville Jaguars will reportedly sign veteran quarterback Nick Foles to a four-year, $88 million contract once free agency opens up on Wednesday.

According to multiple media reports, the deal includes $50.12 million guaranteed and could reach $102 million with incentives. Foles will haul in an absurd $46.63 million over the first two years of the contract.

It goes without saying that market dynamic played a role in this excessive contract. Foles was pretty much the only starter-caliber quarterback on the market.

Add in inflation under an increased salary cap and supply/demand, and the Jags had to pay out of their back end to acquire an upgrade over the soon-to-be released Blake Bortles.

This is just the latest example of teams needing to push all of their cards into the pot when it comes to adding a quarterback in the NFL Draft. Here’s why.

It’s a risky signing: Foles’ body of work is questionable.

  • Foles was tremendous in two seasons as a spot starter for the Eagles. He posted a 10-3 record, postseason included. That included 21 touchdowns and 11 interceptions.
  • Outside of that, and his incredible season with Chip Kelly, Foles’ body of work leaves a lot to be desired. He’s thrown 10 touchdowns and 10 interceptions in 13 career starts between the Chiefs and Rams.
  • Is Foles more of a product of the Eagles’ system than anything else? Time will tell on that front.

The contract is damning: Said details are simply eye-opening.

  • Foles’ average salary of $22 million places him 11th among quarterbacks in the NFL. That’s not an incredibly bad deal.
  • Unfortunately, the devil is in the details here. He’s now right behind Cam Newton and Russell Wilson in total guarantees. Foles has started a grand total of 44 regular-season games in seven years.
  • If Foles were to reach his incentives, this would make him the fourth highest-paid quarterback in terms of total value — behind Aaron Rodgers, Derek Carr and Andrew Luck.

Quarterback purgatory: Rinse, wash, repeat.

  • While not as bad as the Redskins’ situation, this speaks of quarterback purgatory. Outside of a fluke performance back in 2013, Foles has thrown 41 career touchdowns compared to 31 interceptions.
  • Foles also boasts a relatively mediocre 26-18 record as a starting quarterback in the NFL. At 30 years old, his ceiling just isn’t that high.

Eliminates quarterback in draft: Is that a long-term solution?

  • Picking seventh overall, Jacksonville had an opportunity to potentially land a franchise-altering quarterback in that of Kyler Murray or Dwayne Haskins.
  • The Jags have two third-round picks. This made it possible for the team to trade up for the quarterback of its choosing.
  • Instead, it seems Jacksonville went the same route we saw with the Redskins and Alex Smith last March. How exactly did that work out in the nation’s capital?