JACKSONVILLE, Fla. — The Jacksonville Jaguars have agreed to trade quarterback Nick Foles to the Chicago Bears just one year after giving him the most guaranteed money in franchise history, league sources told ESPN’s Adam Schefter on Wednesday.

The Bears are giving up their compensatory fourth-round pick (No. 140 overall), which now gives the Jaguars 12 picks in the upcoming draft.

The move means the Jaguars will have to absorb $18.75 million in dead money in 2020, so in the past two seasons the Jaguars will have paid $30.25 million in dead money for quarterbacks that were not on their roster. The Jaguars cut Blake Bortles after agreeing to terms with Foles and paid $16.5 million in dead money last season.

Trading Foles means the Jaguars are going with second-year player Gardner Minshew as their starter, unless they plan to use their stockpile of draft picks to move up in the first round to draft a quarterback.

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