The contract includes $16 million in guaranteed money, according to Wilson.
McPhee, 26, was a fifth-round draft pick in 2011 out of Mississippi State and played the first four seasons of his career with the Baltimore Ravens. He had 7.5 sacks last season while playing a backup role to Terrell Suggs and Elvis Dumervil.
In four seasons with the Ravens, McPhee had 17.0 sacks and 92 combined tackles.
The Bears finished No. 30 in yards allowed and No. 31 in scoring defense last season. They fired head coach Marc Trestman and general manager Phil Emery after finishing 5-11 in 2014.
This offseason, the Bears hired John Fox as head coach and Ryan Pace as general manager.
- Paul Palladino