Falcons' Updated Salary Cap After Kirk Cousins' Reported $180M Contract in NFL FA

The Atlanta Falcons didn't waste time figuring out the team's quarterback situation, signing former Minnesota Vikings signal-caller Kirk Cousins to a massive four-year contract on Monday (per NFL Network's Tom Pelissero).

Cousins' deal is worth $180 million, with $100 million guaranteed. The guaranteed money will consist of $90 million in 2024 and 2025, then the remaining $10 million in 2026. The contract also includes a $50 million signing bonus.

Prior to the agreement, the Falcons had roughly $37.2 million in 2024 cap space (via Over the Cap).

Atlanta was managing its cap carefully ahead of free agency, releasing tight end Jonnu Smith on Feb. 27 in order to free up $6.5 million. The team's pursuit of Cousins wasn't exactly a secret, as Dianna Russini of The Athletic reported that the two sides would begin "discussions" once the legal tampering window opened at 12 p.m. ET on Monday.

The Falcons will look for some consistency under center after Desmond Ridder underwhelmed in 2023, passing for just 2,836 yards in 15 games while recording 12 touchdowns to go along with 12 interceptions. Although Atlanta owned the No. 8 pass defense in the NFL, the team was often unable to overcome the sluggish offense.

While Ridder and backup Taylor Heinicke are still on the roster, the Falcons can save $6.96 million against the salary cap if Heinicke is released. The front office would also avoid paying him a $1.32 million roster bonus if the team cuts ties with him before March 17 (via ESPN's Michael Rothstein).

Cousins has earned a Pro Bowl nod in three of the past five seasons, although there are questions on how he'll look in 2024 after a torn Achilles ended his 2023 campaign in Week 8. He appeared to be on the verge of another strong year, completing 69.5 percent of his throws for 2,331 yards and 18 touchdowns before the injury.