Falcons Free Agency Cap Space: Atlanta Limited, But Has Options for More

The Atlanta Falcons need to create cap space but have several viable ways of doing so.

Feb 27, 2024; Indianapolis, IN, USA; Atlanta Falcons general manager Terry Fontenot during the NFL Combine. / Kirby Lee-USA TODAY Sports

ORLANDO - As the NFL gathers for the league owners meetings, the Atlanta Falcons have fallen mute following the first wave of free agency.

Atlanta's last signing came March 18, when it re-signed defensive lineman Kentavius Street to a one-year contract, and between external additions and retaining its own players, the Falcons have been involved in just 10 acquisitions.

NFL Combine / Stacy Revere/GettyImages

Still, the Falcons' start to free agency has largely been considered a resounding success, headlined by the signing of quarterback Kirk Cousins and the rebuilt receiver's room, which includes Darnell Mooney and Rondale Moore, among others.

But Atlanta's roster, which still has over 20 spots available with the 2024 NFL Draft a month away, has room for more - but the cap space doesn't necessarily exist at this stage.

According to OverTheCap, the Falcons have $2.665 million available, and their draft class is expected to be worth over $12.2 million. As such, Atlanta's attention appears to have shifted towards its rookie class as opposed to making more moves this spring.

It's worth noting the Falcons, even with Cousins' four-year, $180 million contract, are still in good shape for the 2025 free agency cycle. They're projected to have $39 million available as things stand, with plenty more wiggle room within certain contracts.

But for Falcons general manager Terry Fontenot, the focus shifts to maneuvering the books to have financial flexibility for the remainder of this spring. Several avenues exist to do exactly that.

One plausible outcome - extending cornerback A.J. Terrell - frees nearly $9 million. Restructuring defensive tackle Grady Jarrett's contract opens $7.5 million. Releasing two depth pieces in the secondary - safety Richie Grant and nickel cornerback Mike Hughes - would create over $3 million apiece while incurring less than $1 million in dead cap for each.

Fontenot is slated to speak at the owners meetings Tuesday, with more answers about Atlanta's plans to be provided then - but for now, the situation is clear: the Falcons have more moves to make, though they may not be about player acquisition as much as opening space for future additions.