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The Carson Wentz era is over in Philadelphia.

The Eagles have agreed to trade Wentz to the Indianapolis Colts in exchange for a 2021 third-rounder and a conditional second-rounder in 2022, according to multiple reports. The latter could turn into a first-round pick ESPN's Chris Mortensen and Adam Schefter report.

That means the Eagles will receive the 85th overall pick in this year's draft with that second pick depending on Wentz's playing time. Wentz needs to play at least 75 percent of the Colts' offensive snaps for the 2022 conditional pick to convey to a first-rounder, according to Schefter's and Mortensen's sources.

The pick also could become a first-rounder if Wentz plays at least 70 percent of the snaps and the Colts reach the playoffs.

But the worst the 2022 pick can be is a second-rounder, meaning the Eagles are assured of netting two value picks for the former No. 2 overall selection in the 2016 draft.

As Schefter notes, the Eagles and Colts spent much of the past two weeks trying to finalize the trade, which cannot be officially processed until the new NFL year begins March 17.

The Eagles will take a $33.8 million dead cap hit -- the largest dead-cap hit that any team ever has taken for a player -- while the Colts will assume the balance of Wentz's $128 million extension, including the $10 million guaranteed roster bonus due on March 19.

With the retirement of Philip Rivers, the Colts were a natural destination for Wentz, who has familiarity with head coach Frank Reich from their shared time in Philadelphia. Reich was Wentz’s offensive coordinator for the first two years of his career from 2016-2017. In addition, the Colts recently hired Press Taylor, the Eagles’ former quarterbacks coach and passing game coordinator, who is close to Wentz.

As Profootballtalk.com's Mike Florio notes, for the Eagles, the compensation is not as grand as the “Matthew Stafford package” they reportedly desired. In addition, based on the above-outlined conditional pick (and NFL Network's Mike Garafolo is reporting the same conditions as the initial ESPN report), if Wentz is not performing well by midseason, Indianapolis would have a strong incentive to bench him.

Still the trade represents a fresh start for a quarterback who was at one point an MVP candidate, but in 2020 ended up riding the pine in Philadelphia.

Meanwhile, the move clears the way for Jalen Hurts to build on a strong close to his rookie season as the Eagles' de facto starter heading into 2021.

Stay tuned. We'll be following up on this move in greater detail over the course of coming weeks. Watch the News and Views section of the site for any breaking developments.