Colts Drop Matt Ryan, Create $17 Million in Cap Space

The Indianapolis Colts have released quarterback Matt Ryan, which opens up $17 million in cap space in 2023.

This ending is not how the Indianapolis Colts envisioned things when they traded for Matt Ryan a year ago, but the veteran quarterback's time with the team is now over.

The Colts are releasing Ryan, first reported by Zach Klein of WSB-Ch. 2 Atlanta and verified by The Indy Star's Joel Erickson.

Per NFL league source, the Indianapolis Colts are planning to cut QB Matt Ryan

— Zach Klein (@ZachKleinWSB) March 14, 2023

There are a pair of significant reasons why the Colts would make this move. First, Ryan's performance tailed off drastically, as he was battered early by porous offensive line play, which eventually earned him a shoulder injury. He then began making uncharacteristic mistakes which led overall to an inept offense and his being benched twice.

The other reason is that Ryan is due $35.2 million in 2023, so letting him go clears up $17 million in salary cap space, according to Over The Cap. At 38 years old coming off of the worst season of his career, that figure is all but impossible for a team to justify spending on the former NFL MVP.

The downward spiral the Colts rode in 2022 led them to the No. 4 overall pick in the draft, which they are expected to use to find Ryan's replacement and, hopefully, their long-term solution.

In his lone season with the Colts, Ryan started all 12 games in which he appeared, completing 309-of-461 passes (67.0%) for 3,057 yards (6.6 YPA), 14 touchdowns, and 13 interceptions for a passer rating of 83.9. He also lost 5-of-15 fumbles.

The Colts also traded top cornerback Stephon Gilmore on Tuesday, which adds another $9.9 million in savings, per OTC. Combined, it's nearly $27 million in savings that the Colts amassed with the two moves.

“I still love playing and I think obviously, not committed to anything," Ryan said after the season. "Here, wherever, I have to see how it shakes out but I still love playing and still feel like honestly, I still feel like there’s a lot of good football in my body. We’ll see what happens.”

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