Report: Matt Ryan, Colts Restructure Contract to Create $6M in Cap Space After Trade

The Indianapolis Colts lowered Matt Ryan's salary-cap number for 2022 by $6 million, according to ESPN's Field Yates.

Yates reported Ryan will receive $12 million as a signing bonus, which gives the Colts immediate financial relief and lowers his cap commitment to $18.7 million.

Per Over the Cap, Indianapolis already had more than $15.8 million to spend before this restructure. Beyond signing the team's draft picks, general manager Chris Ballard has the opportunity to fine-tune the roster still in free agency.

The contrast between what the Colts are paying Ryan to play for them and the Atlanta Falcons are paying Ryan not to play for them becomes even more stark. Trading the four-time Pro Bowler saddled Atlanta with $40.5 million in dead money for the 2022 season.

Indianapolis is counting on Ryan to guide the team to the playoffs and beyond. The team was on the verge of qualifying for the postseason in 2021, only to suffer back-to-back defeats in the final two weeks of the regular season.

While Ryan is no longer the quarterback who won an MVP award in 2016, he threw for 3,968 yards, 20 touchdowns and 12 interceptions a season ago. With the Colts, he'll have an All-Pro running back in Jonathan Taylor and a talented young pass-catcher who's coming off a 1,000-yard season in Michael Pittman Jr.

Thursday's contract restructure allows Indianapolis to potentially add to his supporting cast.