Report: Matt Ryan agrees to restructured contract, creates $12M in cap space

The Atlanta Falcons restructured the contract of quarterback Matt Ryan to create $12 million worth of cap room, a source told Ian Rapoport of the NFL Network.

Ryan, 36, was due $23.75 million in 2022, Rapoport reports.

The former All-Pro passer has two years remaining on a five-year, $150-million extension signed in 2018. Ryan agreed to convert salary into bonuses over the previous two offseasons, creating $14 million in cap space (2021) and $5.2 million (2020), according to Spotrac.

The four-time Pro Bowler led Atlanta to a 7-10 record last season, throwing for 3,968 yards and 20 touchdowns against 12 interceptions while completing 67% of his pass attempts.

Prior to Ryan reworking his deal, the Falcons had $4.2 million available in cap room, according to Over the Cap.