The Atlanta Falcons' offseason to date has been defined by one word: strategy. They've been intentionally chasing value on the free agent market and for any long-term moves they do or don't make, new GM Ian Cunningham has intent behind it. And this held true with a major A.J. Terrell call.
Per Aaron Wilson, the Falcons opted to restructure Terrell's contract in which they converted $12 million of his 2026 salary to a signing bonus, in which they saved $9 million in cap space. But knowing how Cunningham operates, he wouldn't have cleared up this money if he didn't have a plan brewing.
Terrell became the second player the Dirty Birds agreed to a restructured contract with this offseason, following Jake Matthews, where Cunningham converted $14.5 million of his salary to a signing bonus. So with this much money available for him to use, it's clear the Falcons aren't done yet.
Now that they're opening up more cap space, it's clear the Falcons aren't done in free agency yet
So far, Cunningham has signed 13 players in free agency, which includes re-signing LaCale London. For a team whose been believed to have "limited cap space", that's a lot of moves. And they made some polarizing ones like Tua Tagovailoa or reclamation projects in Azeez Ojulari and Jahan Dotson, but they're all short-term deals that won't tie the franchise up financially like the Kirk Cousins deal did.
The 40-year-old was unwilling to break the bank out of desperation for anyone during the opening wave of free agency, but now that the dust has settled and most of the major contracts have already been given out, now would be a good time for Atlanta to re-introduce themselves with a splash move.
There is some good talent (and value) that is still available this free agency, which includes the likes of D.J. Reader, Jauan Jennings, and Bobby Wagner. Cunningham's MO has been to try and bring in younger talent this offseason, so a reunion with someone like Calais Campbell wouldn't fit his vision.
The Falcons also have yet to address some of their most pressing needs, which is could be what Terrell's restructure is for. The 27-year-old doesn't have much help in Atlanta's DB room, so perhaps this money could go towards adding an experienced cornerback to be a good complement to Terrell.
The other option is defensive tackle, where Cunningham has only navigated in making smaller deals, but a dismal run defense has to be addressed in some way or another. They could wait until the NFL Draft to do so, but they need a veteran to complement ths young core after losing David Onyemata.
It's only an extra $9 million, but for a roster with this many holes, the possibilities are endless. Whether it's one big move or a flurry of small ones, I trust Cunningham and Kevin Stefanski's approach to improving an already-talented Falcons' roster.