The Atlanta Falcons have restructured quarterback Matt Ryan's contract to help create salary cap space for the upcoming 2021 season.
The Falcons took $21 million of Ryan's base salary for 2021 and converted it into a signing bonus spread out over the 2021, 2022 and 2023 seasons. Doing so knocked Ryan's cap number for this season from $40,912,500 down to $26,912,500, according to Roster Management System.
This move helps get Atlanta get under the salary cap by the time the new league year begins Wednesday afternoon.
The move took Ryan's proration for each year up to $24,912,500 for this season and next season and bumped his 2023 bonus proration to $15,612,500. It's the third straight year the Falcons have restructured Ryan's deal to create more cap space.
What this also does is make it harder for Atlanta to get out from Ryan's contract if it wanted to following the season. The restructure now leaves Ryan with $40.525 million as dead money in 2022 and $15,612,500 in dead money in 2023.
It also jumped his cap number for 2022 to $48,662,500 and his 2023 cap hit to $43,612,500.
Ryan enters his 14th season this fall having missed just three career games. He's thrown for 55,767 yards, 347 touchdowns and 158 interceptions in his career.
