Sanchez's injury last year cleared the way for Smith to start every game. Sanchez had three years remaining on his contract, but his $13.1 million salary cap number for next season — and $2 million roster bonus due Tuesday — made it unlikely the team would keep him at that amount.
Sanchez has thrown 68 touchdown passes, 69 interceptions and lost 20 fumbles. His career completion percentage is just 55.1 and his passer rating is only 77.1.
While Vick will compete with Smith for the starting job in New York, Sanchez comes to Philadelphia as insurance. Foles had a breakout sophomore season and led the Eagles to the NFC East title after replacing an injured Vick in Week 5. Foles threw 29 touchdowns and only two interceptions in 11 starts, including a playoff loss to New Orleans.
"You can never have enough talent at the quarterback position on your roster, so when Mark became available we immediately became interested," Eagles general manager Howie Roseman said.
Roseman pointed to Sanchez's "valuable experience."
"He'll have the chance to come in and learn the playbook," he said. "And we feel he'll be a nice veteran addition to the quarterback room."
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