Colts Rumors: Matt Ryan Expected to Be Cut; Would Save $17M in Salary-Cap Space

The Indianapolis Colts will officially have a new starting quarterback for the 2023 season, as WSB's Zach Klein reported Tuesday that the team is expected to cut veteran signal-caller Matt Ryan.

Ian Rapoport of NFL Network and Mark Maske of the Washington Post confirmed the news.

Not only will the Colts have a different opening-game starter for the seventh season in a row, but the move also saves them a whopping $17.2 million in salary-cap space, per Spotrac.

The Colts also traded veteran cornerback Stephon Gilmore to the Dallas Cowboys on Tuesday, and ESPN's Field Yates pointed out that Indianapolis created $27.1 million in cap space with those two moves.

While Ryan might be nearing the end of his career by hitting the open market, his bank account is still in great shape. Rapoport noted that when the Colts acquired him from the Atlanta Falcons last offseason, his agent negotiated a $12 million guarantee into his new contract that he remains entitled to regardless of whether he decides to retire or join another team.

The 37-year-old started 12 games for Indianapolis, leading the team to a 4-7-1 record before he was replaced in favor of Sam Ehlinger and later Nick Foles. In his appearances, Ryan threw for 3,057 yards, 14 touchdowns and 13 interceptions.

The Colts ended the year with a 4-12-1 record and will have the No. 4 overall pick in this year's draft. There's a chance that Indianapolis will look to add one of the top quarterback prospects such as Alabama's Bryce Young, Ohio State's C.J. Stroud, Kentucky's Will Levis or Florida's Anthony Richardson.

If the Colts prefer to add more of a veteran presence, the quarterback market is robust with experienced starters like Baker Mayfield and Jacoby Brissett, who played for Indianapolis for four seasons.