The Atlanta Falcons traded longtime quarterback Matt Ryan to the Indianapolis Colts on Monday for a third-round pick in this year’s NFL Draft, ESPN and NFL Network reported.
Ryan gets an adjusted contract from the Colts, securing more guaranteed money in the deal, per the reports.
The Falcons, meanwhile, take on a $40.5 million dead cap charge, the largest in NFL history, per the reports.
The Falcons deal Ryan ahead of their deadline of 4 p.m. ET, the time that Ryan’s $7.5 million bonus becomes fully guaranteed.
ESPN reported earlier Monday that the Falcons informed interested teams that the bonus date, delayed from the start of the league year last week, was the deadline for a trade involving Ryan.
The Seattle Seahawks were also interested in Ryan, per reports.
Ryan, was due $51.8 million combined the next two seasons. Terms of his restructured deal with Indy were not reported.
Ryan turns 37 in May but reportedly asked for a new three-year deal as the market value for starters continues to explode behind new contracts for Aaron Rodgers (three years, $150 million) and Deshaun Watson (five years, $230 million). However, he never asked the Falcons for a new deal, per ESPN. He signed off on the trade because of his belief the Colts have a roster to win now, per ESPN.
Ryan had 20 touchdowns and 12 interceptions in 2021 as the Falcons competed into December despite a roster that shouted “rebuild.”
The No. 1 overall pick in 2008, Ryan has 59,735 career passing yards and 367 TD passes. The yardage ranks eighth in NFL history and the touchdowns are ninth.
The Falcons are expected to pursue Marcus Mariota, NFL Network reported. Mariota played under then-offensive coordinator Arthur Smith in Tennessee. Smith enters his second year as head coach in Atlanta.
