Garafolo mentions that Wentz was owed a $10 million roster bonus on Friday but they agreed to break it up with $5 million payable in July and the other half early next year.
This will give the Colts some additional cap space to work with this offseason.
Wentz, 28, is a former first-round pick of the Eagles back in 2016. He was entering the final year of his four-year, $26.7 million rookie contract that included a $16.7 million signing bonus when the Eagles picked up his fifth-year option that would have cost them $22.78 million for the 2020 season.
The Eagles signed Wentz to a four-year, $128 million extension going into the 2019 season that included $107 million in guarantees. However, Philadelphia opted to trade Wentz to the Colts for draft compensation.
In 2020, Wentz has appeared in 12 games for the Eagles and completed 57.4 percent of his passes for 2,620 yards, 16 touchdowns and 15 interceptions. He also rushed for 276 yards and five touchdowns.