Falcons create space by restructuring with Matt Ryan, Jake Matthews

The Atlanta Falcons were active players when the NFL’s free agency period began last week, bringing in Dante Fowler Jr. (three years, $48 million) and Todd Gurley (one year, $6 million) despite having little cap space.

Releasing Desmond Trufant and Devonta Freeman gave the Falcons some wiggle room, but not enough to make it all work. According to ESPN’s Vaughn McClure, the team restructured the contracts of quarterback Matt Ryan and left tackle Jake Matthews, clearing nearly $14 million in cap space for 2020.

Matt Ryan’s 2020 base salary goes from $8 million to $1,050,000 as a result of the contract restructuring to save cap space. Jake Matthews’ 2020 base goes from $10.55 million to $3.55 million. Money converted to signing bonus in both cases. Saves now but accumulates later.

— vaughn mcclure (@vxmcclure23) March 25, 2020

So, Matt Ryan’s 2020 cap number went from $24.175 million to $$18.96 million, according to records. Jake Matthews’ cap figure went from just over $16 million to $10.76 million. Falcons‘ signings of Dante Fowler Jr. (3 years, $48 mil), Todd Gurley (1 year, $6 mil) not official yet

— vaughn mcclure (@vxmcclure23) March 25, 2020

The team also gave a one-year extension to defensive lineman Allen Bailey, which Vaughn reports is worth $4.5 million:

Falcons DL Allen Bailey signed a one-year extension with Falcons, agent Drew Rosenhaus confirmed to ESPN. Deal reportedly worth $4.5 million with a $3.25 million signing bonus, according to NFL Media’s Tom Pelissero. Falcons maneuvering for cap space… https://t.co/UawwThCfLM

— vaughn mcclure (@vxmcclure23) March 25, 2020

Currently, Over The Cap lists Atlanta with just over $14 million, but that’s before the contracts of Fowler and Gurley are accounted for. The cap space is good news for this season, but again kicks the can down the road by restructuring with Ryan and Matthews.