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Bills trade LT Jason Peters to Philadelphia

Jay Glazer of is reporting - with several other outlets confirming - that the Buffalo Bills have reached a trade agreement in principle to send left tackle Jason Peters to the Philadelphia Eagles. The Bills will receive the No. 28 overall pick in the draft, a fourth-round pick (No. 121 overall) in 2009, and a second day pick in the 2010 NFL Draft.

ESPN reports that the deal may be contingent on Peters passing a physical and, more importantly, signing a new deal. Peters' agent, Eugene Parker, was scheduled to open contract negotiations with the Eagles today.

The trade should end a headache for the Bills that at this point has lasted for over a calendar year. Peters has been seeking a new contract since the close of the 2007 season. He held out for the majority of the Bills' off-season workouts last year, returning the day prior to the start of the regular season. Upon his return, he made 13 starts and earned his second consecutive Pro Bowl bid.

Peters returned to the team with the promise that the Bills would work on a re-negotiated contract after the season. Those negotiations took place, but talks stalled when Peters demanded to become the NFL's highest-paid offensive tackle, seeking salaries in excess of $11 million annually. At that point in time, it became apparent that the Bills would be forced to hand over the biggest check they've ever given a player or trade him.

The Bills will have nine draft picks heading into next weekend's NFL Draft. It's a good thing, too - the Bills now have glaring holes at both left tackle and left guard (the team released OG Derrick Dockery prior to the free agent signing period). This is a huge weight off of the organization's shoulders, as the front office and coaching staff can now adequately begin formulating a draft strategy that doesn't factor in a potential trade. They do, however, now have a lot of work to do.

We'll have more details if/when they become available.