The Atlanta Falcons haven't exactly been key players in the free agent market, but they're definitely planning for something. The Falcons announced they were converting $1 million of Jake Matthews' contract into a signing bonus, which created 10.5 million in cap space for Atlanta to use to their liking.
The 33-year-old is already the longest-tenured player on the roster, and it appears that he's not going anywhere anymore. Matthews was also the highest-paid player on the roster, but Ian Cunningham is willing to kick the can down the road a bit in terms of his financial investment in the fan favorite OT.
The #Falcons converted $14M of OT Jake Matthews' salary into signing bonus, adding 1 void year, clearing $10.5M of cap space in 2026.
— Spotrac (@spotrac) March 11, 2026
Updated Cap Hits:
2026: $16.7M
2027: $26.5M
2028: $28.5M
2029: $3.5M (void)
The 2014 first-round pick's cap hit in 2026 is roughly $16.7 million, but his cap hit in 2027 will inflate to $26.5 million in 2027 and $28.5 million in 2028. They will also pay him $3.5 million in a void year in 2029. I get he's an iron man, but that's a lot of financial investment for a guy who isn't getting younger.
Ian Cunningham is taking a bold approach by restructuring Jake Matthews' contract
This could be a move where Cunningham is wheeling and dealing because he has a trick up his sleeve, or it could be to open up some cap space before the 4:00 p.m. deadline where all 32 teams have to be under the salary cap. But Atlanta has almost $21 million in cap space to work with now.
The Dirty Birds have been losing some key players in free agency, so it's not crazy to suggest that they have a target in their crosshairs that the Texas A&M product fell victim to. After all, they have holes all over the roster and money to work with, so this could turn out to be a splash signing or a nothingburger.
I would be surprised to see Cunningham spent so heavily on one player given how his free agency approach has looked, but kicking the tires on multiple upgrades is another story. The Falcons need DT and secondary help really badly, but have failed to address either position to date this offseason, or maybe this is because an extension is on the horizon with one of their offensive stars.
Maybe they're waiting until the NFL Draft to do so, but maybe they have some players in mind as well. After all, Kevin Stefanski has wanted to bring guys he trusts over with him to Atlanta and we are early on enough in the free agency period that there's still a lot of talent available for interested teams.
Matthews is a linchpin of the Falcons' OL, is a fan favorite, and has been with the team since 2014. There's no way Matt Ryan was gonna let him go now. And nor should they, he's still been playing at a high level, so hopefully he keeps playing at a high enough level that they don't regret this restructure.