Fowler reports Jeffery is taking a significant pay cut from his $12.75 million salary in 2021, adding Philadelphia is creating $10 million in cap space from the move with him.
Per Fowler, the move means both players will need a new deal for 2021 or they will be released at the start of the league year. The benefit for them is they get to hit free agency earlier than later.
Mike Garafolo says the expectation is Philadelphia will move on from both players but this just creates cap space sooner for the Eagles.
Jeffery, 30, was taken in the second round of the 2012 NFL draft by the Bears. He played out the final year of his four-year, $4.54 million rookie contract with Chicago before agreeing to a one-year, $9.5 million contract with the Eagles in 2017.
He just finished the third year of his four-year, $52 million contract and was set to earn a base salary $12,750,000 in 2021.
In 2020, Jeffery appeared in seven games for the Eagles and caught six passes for 115 yards and a touchdown.
Jackson, 30, is a former fifth-round pick of the Broncos back in 2012. He played out his four-year, $2,313,612 rookie contract before agreeing to a six-year, $85.5 million deal that included $42 million guaranteed with the Jaguars.
Jackson was set to make a base salary of $13 million in 2019 when the Jaguars released him. He signed with the Eagles on a three-year deal worth $30 million and was set to make a base salary of $7.6 million in 2021.
In 2020, Jackson appeared in 15 games for the Eagles and recorded 28 total tackles, 2.5 sacks, one fumble recovery and two pass defenses. Pro Football Focus had him rated as the No. 65 interior defender out of 130 qualifying players.