Falcons restructure Matt Ryan's contract, free $12 million in cap room

Matt Ryan appears to be locked in as the Falcons' quarterback for 2022, but they've reportedly done some cap gymnastics to improve his supporting cast.

Atlanta has restructured Ryan's contract to free up $12 million in cap space for next season, according to Ian Rapoport of NFL Network. As Rapoport reports, Ryan is due nearly $24 million in cash for next season and previously had a cap number of nearly $49 million, the largest in the league.

According to Over The Cap, the Falcons as of Friday were $4,200,017 under the cap. However, they are estimated to possess -$1,718,144 in effective cap space, a number that factors in what it will cost to get to the roster minimum and tender contracts to rookies yet to be drafted.

Ryan's contract makes him virtually untradeable, so it's unlikely the Falcons will start anyone else under center. Plus, while he's not the quarterback he used to be, Ryan is still an effective passer; last season, he threw for 3,968 yards and 20 touchdowns in comparison to 12 interceptions. He logged a 67 percent completion percentage, his best figure in three years.

The 36-year-old Ryan has played his entire career with Atlanta since being selected third overall in the 2008 NFL Draft out of Boston College. He's a four-time Pro Bowler and a one-time First-Team All-Pro, which came in the 2016 season when he won MVP and led the Falcons to a Super Bowl appearance.

NFL free agency is set to begin March 16 at 4 p.m. ET, but teams can begin to negotiate deals on March 14 at noon ET.