The Falcons reduced the 36-year-old Ryan's cap hit from $48.66 million — the highest in NFL history — to $36.66 million by adding three voidable years (2024-26) to his contract, which had two years remaining.
Ryan had been scheduled to earn $16.25 million in base salary in 2022 plus a $7.5 million roster bonus due March 19. His new base salary for the upcoming season is $8.75 million.
Atlanta had been over the salary cap when the month began, but now has $16.2 million in cap space with Ryan's restructuring and Monday's gambling-related suspension of wide receiver Calvin Ridley, according to the report.
Ryan enters his 15th season as the Falcons' franchise leader in passing yards (59,735) and touchdowns (367). The four-time Pro Bowl selection was the league MVP in 2016.