Not Enough? Falcons Explain Small Trade Compensation For QB Matt Ryan

After receiving a third-round pick in the deal that sent quarterback Matt Ryan to the Colts, the Atlanta Falcons explain the reasoning behind the small compensation.

Whether the Atlanta Falcons acquired Deshaun Watson or not, once that concept took hold, the franchise was likely to have to trade Matt Ryan this offseason.

The Falcons indeed traded Ryan to the Indianapolis Colts - even as Watson picked Cleveland as his new post-Houston destination. In exchange, Atlanta received a 2022 third-round pick. Even approaching age 37, the compensation for a player of Ryan's caliber seems worth more than one mid-round draft pick.

Right?

But for the Falcons, in their explanation, moving away from Ryan was more about putting their former star quarterback in the best situation - not to capitalize on Ryan's trade value to benefit the organization.

"When looking back on it, we probably could have opened the market up and talked to every team," Falcons general manager Terry Fontenot said. "We could have traded Matt somewhere he did not want to be and received more compensation. But we said, 'If we are going to go down this road, we want to do right by Matt.'" 

Matt Ryan

Rich Barnes-USA TODAY Sports

Matt Ryan

Chuck Cook-USA TODAY Sports

Matt Ryan

Ryan said during his introductory press conference that Indianapolis was the only place he wanted to go. He became enamored with the idea to join the Colts after meeting with the team Saturday night. 

According to Fontenot, Ryan's contract played a significant role as to why the Falcons felt it was time to move on. But his departure nevertheless leaves Atlanta in a deep financial hole. 

Matt Ryan

Jonathan Dyer-USA TODAY Sports

Matt Ryan

Matt Ryan

The Falcons would have taken a cap hit of $36.6 million had Ryan remained on the team in 2022. But by trading the former league MVP, Atlanta will take a dead cap hit of $40.5 million — the largest in NFL history.

"Not every team is in a market for a veteran quarterback,'' coach Arthur Smith said. "And understanding where Matt was with his contract ... For us, it was a win-win because it opens up a lot of space in 2023, so we do not have to keep playing this game of restructuring minimum deals. That's part of the compensation, as well, is what it opens up in the future for us."

The Falcons drafted Ryan with their top selection of the 2008 NFL Draft (No. 3 overall). He became the greatest quarterback in franchise history. In 2016, Ryan became the first player in team history to win MVP honors while leading the Falcons to an 11-5 record.

Ryan ends his career in Atlanta as the franchise leader for most passing yards (59,735) and touchdowns (367) while completing 65.5 percent of his pass attempts.