They basically gave him a bonus for winning the Super Bowl.
Per Mike Garafolo and Ian Rapoport:
Foles' deal was about hooking him up after his performance in the postseason. It is not a reflection of the team's feeling on Wentz's recovery. They remain confident he's working his way back.
— Mike Garafolo (@MikeGarafolo) April 20, 2018
— Ian Rapoport (@RapSheet) April 20, 2018
Foles was originally set to earn $7 million this season, the second year of a two-year contract.
It’s another player-friendly move via Howie Roseman and Joe Douglas. Earlier this offseason they revised Stefen Wisniewski’s contract to reward him with $250k from a missed playing time incentive. Chris Long is also returning to the Birds, reportedly with a revised deal.