Despite a frantic start to free agency around the league, things have been eerily quiet this week in Atlanta. That may be changing very soon, though. According to a report by Zach Klein, the sports director for WBS-TV in Atlanta, the Falcons have restructured quarterback Matt Ryan’s contract.
Per NFL League source the Falcons have restructured Matt Ryan's contract..
Was due $23 million… took 21-million and made it guaranteed bonus that spreads out over the next 3-years-Cap # is now 26.9 million – It was $40.9 million pic.twitter.com/u4NS4XwABY
— Zach Klein (@ZachKleinWSB) March 16, 2021
Ryan converted $21 million of his remaining contract into a guaranteed bonus spread over the final three years of his deal. According to Klein’s report, the Falcons QB just cut roughly $14 million off of his 2021 cap hit, which would get the Falcons just under this year’s cap of $182.5 million.
There’s a downside to Ryan’s restructure, though, as it pushes his 2022 cap hit to nearly $50 million, per ESPN’s Field Yates.
The Falcons moving on from Matt Ryan this offseason was always unlikely, but perhaps the most interesting part of this restructure is what it means for 2022’s cap.
Ryan’s new cap number for 2022 is likely $48.62M. https://t.co/LbYCSRcmKX
— Field Yates (@FieldYates) March 16, 2021
It’s safe to say that Ryan isn’t going anywhere anytime soon. Look for Atlanta to get more involved in free agency going forward once the restructure becomes official.
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