The Atlanta Falcons lead the NFL with $149.3 million in cap space in 2027, and after an eventful trade deadline, they've started to use that spending money rather than waiting until the offseason, which is proactive from Ian Cunningham to not wait until the asking price goes up to lock key players down.
On Friday, the Falcons agreed to extensions with two defensive starters: C.J. Henderson and Cameron Thomas. Thomas landed an incentive-based three-year deal worth up to $33 million with $13 million guaranteed, while Henderson got a two-year, $20 million deal with $11 million guaranteed.
For two players who were signed for cheap, they quickly turned into quality contributors for this defense. Based on PFF grade, Thomas is the 19th-highest graded EDGE rusher, while Henderson is the 21st-highest graded CB--and now they're under contract through 2029 and 2028, respectively.
Upon first glance, one reaction sticks out about these two extensions, especially in reference to Henderson's: Mike Hughes is an absolute goner. There is an out in his contract that it would be surprise if Atlanta doesn't exercise this season to give the veteran cornerback a fresh start.
Mike Hughes more than likely won't be back with the Atlanta Falcons in 2027
For starters, C.J. Henderson stole the starting CB2 job this season--and he's even out-played A.J. Terrell. Across the last three games, Hendo has played 95, 100, and 82% of the defensive snaps compared to 26, 13, and 35% for Hughes--so it's safe to say we know who the more valuable piece is.
Here's what we need to remember: Mike Hughes has been a liability in coverage, and when he started on the outside, he got picked on. While he's still a solid run defender and tackler, moving him to the nickel takes snaps away from younger players like Sydney Brown, Avieon Terrell, and Billy Bowman Jr.
The good news for the Dirty Birds is that there is a way out with the former first-round pick that Henderson will more than likely prompt them to use. His three-year extension signed before last season comes with an out in his deal which means Atlanta can release him without much penalty.
Since cutting him would cost the Falcons only $1.6 million in dead cap compared to his $8.7 million cap hit if he stays, it's all but guaranteed he's going to be cut this offseason. He was extended by Terry Fontenot, so Cunningham must be ready to cut ties with a regressing CB who's about to turn 30.
Currently, the Falcons still have around $125 million in cap space to spend in March, so they'd get close to $134 million if they cut bait on the 29-year-old. And given Henderson is finally living up to the billing as a former top-10 pick, they don't have much room for him or any incentive to keep him.
Obviously, he still has eight games left to change their minds, but it's going to be an uphill battle when he lost the majority of his snap share to a guy the Falcons paid quality money to in C.J. Henderson.
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