One of the NFL’s most unwieldy contracts is on the move. On Monday, the Falcons traded quarterback Matt Ryan to the Colts in exchange for a third-round pick, per multiple reports.
The Falcons’ all-time leader in wins (120), pass yards (59,735), pass TDs (367), and completions (5,242) is joining a Colts team that will have a new starting QB for the fifth straight season.
The 36-year-old has two years and $51.8 million remaining on his contract.
- Ryan earned $276 million in 14 years with Atlanta and is the 11th-highest-paid QB in the NFL ($30M AAV).
- He’ll leave $40.5 million of dead cap to the Falcons — the highest all-time for a single season.
- Before the trade, Indianapolis had the league’s lowest team cap hit ($177.8M), providing the necessary flexibility to acquire Ryan.
- Atlanta cleared $8.1M with the trade, leaving them with $13.6M — the 12th-most cap space.
Ryan’s resume isn’t short of accomplishments — he was the 2016 MVP, made four Pro Bowls, and missed only three games since becoming a full-time starter in 2008.
On the other hand, he hasn’t led the Falcons to a winning season since 2016 (10-6) — and he was signal-caller when Atlanta infamously blew a 28-3 lead in Super Bowl LI.
Less than two weeks ago, the Colts traded Carson Wentz to Washington, leaving them with minimal options. Meanwhile, 2021 undrafted QB Feleipe Franks is the lone passer on Atlanta’s depth chart.
![Former NFL Coache Jon Gruden have a laugh while attending an NFL training camp session ten at the Miller Electric Center, Tuesday, Aug. 5, 2025, in Jacksonville, Fla. [Doug Engle/Florida Times-Union]](https://frontofficesports.com/wp-content/uploads/2026/07/USATSI_26781802_168422351_lowres-scaled-e1784132043881.jpg?quality=80&w=300)
