By Chris Emma–

(CBS) A day after releasing Jay Cutler, the Bears appear to have their new starting quarterback, officially signing Mike Glennon to a three-year deal Friday on the second day of free agency.

The deal is worth up to $45 million, but only $18.5 million of that is guaranteed, according to reports. Of that guaranteed money, $16 million will be paid in the first season, the Tribune’s Brad Biggs reported, meaning it’s a one-year trial of sorts for Glennon with the Bears having a limited financial commitment after the first year.

Glennon, 27, entered the league in 2013 and has made 18 starts, completing 59.4 percent of his passes for 4,100 yards, 30 touchdowns and 15 interceptions. He was a third-round pick of the Buccaneers out of North Carolina State. Glennon hasn’t started a game in the past two years, as Tampa Bay drafted Jameis Winston first overall in 2015 and turned the job over to him. In his nearly full season as a starter in 2013, Glennon had an 83.9 quarterback rating.

Glennon joins the Bears as their likely starter for the 2017 season, though it’s expected that the team drafts a developmental quarterback to work behind Glennon.

Last week, Bears general manager Ryan Pace outlined his plan for being composed in free agency and spending wisely.

“There is a delicate balance between being aggressive and being decisive, but being responsible,” Pace said. “I think you can always recover from the player you didn’t sign. You can’t recover from the player that you signed at the wrong price. I think we’ve got to be conscious of that.”

Chris Emma covers the Bears, Chicago’s sports scene and more for Follow him on Twitter @CEmma670 and like his Facebook page.

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