Evaluating Kirk Cousins' Trade Value After Reported Joe Milton Deal to Cowboys

The New England Patriots agreed to trade second-year quarterback Joe Milton to the Dallas Cowboys on Thursday, leaving Atlanta Falcons veteran Kirk Cousins as the unquestioned top quarterback potentially available via trade.

New England agreed to send Milton and a seventh-round draft pick to the Dallas Cowboys for a fifth-round pick, per Dianna Russini of The Athletic, giving the Cowboys a high-upside backup behind Dak Prescott.

While a Day 3 pick swap wasn't a huge return for Milton, it wasn't a bad result for the Pats given that the 25-year-old appeared in only one game last season.

He was impressive, going 22-of-29 for 241 yards, one touchdown and no interceptions, plus a rushing touchdown in a Week 18 win over a Buffalo Bills team that mostly played its backups, and the Cowboys are taking a chance on the idea that he can be a solid backup or even a potential future replacement for Prescott.

Although there are plenty of unknowns surrounding Milton, that isn't as much the case with the 36-year-old Cousins, who is preparing to enter his 14th NFL season.

After stints with Washington and the Minnesota Vikings, which saw him earn four Pro Bowl selections, Cousins signed a four-year, $180 million contract with the Falcons last offseason.

The Falcons also made the surprising decision to take quarterback Michael Penix Jr. in the first round of the 2024 NFL draft, but they went into the 2024 season with Cousins as the starter.

Coming off a torn Achilles suffered during the 2023 campaign, Cousins wasn't his usual effective self, posting a 7-7 record as the starter and completing 66.9 percent of his passes for 3,508 yards, 18 touchdowns and a league-high 16 interceptions.

The Falcons benched Cousins for the final three games of the season, and Penix was impressive enough to be named the starter for 2025.

That means Cousins is a hugely expensive backup for now, and Falcons general manager Terry Fontenot has said on multiple occasions that he is "comfortable" with Cousins as the backup.

The Falcons even kept Cousins on the roster past his bonus deadline last month, triggering $10 million in guaranteed money.

That perhaps makes it less likely the Falcons will trade Cousins, but it remains an option if a good enough offer comes their way.

However, given Cousins' age, recent injury history, poor performance last season and hefty contract, it is difficult to envision a team parting with anything more than a late-round pick in exchange for Cousins.

The only team left without a clear starting quarterback who is expected to vie for a playoff spot next season is the Pittsburgh Steelers, but they appear to be the front-runners to sign Aaron Rodgers.

If the Vikings change their stance on J.J. McCarthy as the starter and sign Rodgers out from under the Steelers, then Cousins would be a sensible option in Pittsburgh, but even then, a fifth-round pick may be the absolute ceiling for what the Falcons can get for him.

Russini reported this week that Cousins has been linked to the Cleveland Browns, who may be without Deshaun Watson for the entire 2025 season due to a torn Achilles.

Kenny Pickett is the top quarterback on Cleveland's roster right now, and it owns the No. 2 overall pick in the 2025 NFL draft, so selecting either Miami's Cam Ward or Colorado's Shedeur Sanders is a possibility.

Russini noted that there is a great deal of "smoke" surrounding Cousins to Cleveland, to the point that it won't be surprising if a trade occurs between the two sides.

Even then, a mid-to-late Day 3 draft pick may be the limit of what Atlanta can get, especially since Cousins would likely only be a temporary answer at quarterback for the Browns.