The Atlanta Falcons have restructured quarterback Matt Ryan's contract to free up $12 million in cap space, per Ian Rapoport of NFL Network.
Ryan previously carried a 2022 cap hit of $48,662,500, per Rapoport and Over the Cap. He's due $16,250,000 in base salary and a $7,500,000 roster bonus for a total of $23.75 million in compensation in 2022.
Atlanta had $4,200,017 in cap space before the restructure.
The Ryan move gives the Falcons approximately $16.2 million in cap space, which would rank 16th in the NFL, per Over the Cap.
Ryan is under contract for two more seasons. He's currently due $28 million in 2023 ($20.5 million salary, $7.5 million bonus).
Over The Cap's Jason Fitzgerald provided a look at what the cap hit may look like in 2023:
The four-time Pro Bowler and 2016 NFL MVP has quarterbacked the Falcons since 2008, when Atlanta selected him with the No. 3 overall pick in the NFL draft.
Last season, Ryan completed 67 percent of his passes for 20 touchdowns (12 interceptions) and 3,968 passing yards (7.1 yards per attempt). He's only missed three games during a career that has included six playoff appearances, three NFC South titles and the 2016 NFC Championship.
Ryan turns 37 years old in May, and his best football is likely behind him as the Falcons enter year two of a new era featuring general manager Terry Fontenot and head coach Arthur Smith.
He isn't the future at quarterback in Atlanta, but Ryan has largely done very well in his 14 years calling shots. For now, he'll be calling signals for the Falcons in 2022, leaving questions as to what the team will do in 2023.