Falcons Trade Matt Ryan

The Atlanta Falcons have traded Matt Ryan to the Indianapolis Colts in exchange for a third-round pick, NFL Network's Tom Pelisero, Ian Rapoport and Mike Garafolo reported, which was later confirmed by the Falcons on their verified Twitter acount.

"Done deal: The #Falcons are trading former NFL MVP Matt Ryan to the #Colts for a 2022 third-round pick, sources tell me, @RapSheet and @MikeGarafolo," Pelissero tweeted..

Rapoport initially reported that the Colts "emerged as the likely landing spot for" Ryan and the two teams "are in talks...but nothing is done as of now," minutes before sources confirmed the deal was completed.

Ryan was due a $7.5 million roster bonus if he's still on the Colts' roster as of 4:00 p.m. ET on Monday. The roster bonus was initially due Friday (March 18), but was pushed back amid the Falcons pursuit of quarterback Deshaun Watson, who was instead dealt to the Cleveland Browns.

Atlanta will carry a $40.525 million dead cap hit in 2022 for Ryan, but is actually saving $9,093,382 than they would've been penalized had they kept Ryan, Pelissero reports.

Rapoport said "some news" regarding Ryan's situation was expected to be announced ahead of the 4:00 p.m. deadline.

Garafolo posted, "It's to the point now where many around the league would be surprised if Matt Ryan to the #Colts doesn't happen" in a quote-tweet response of Rapoport's report.

Ryan was selected at No. 3 overall in the 2008 NFL Draft and spent his entire career with the Falcons, holding the franchise record for passing yards (59,735), touchdowns (367) and QB wins (120).

Garafolo initially reported that the Falcons are now expected to pursue free agent quarterback Marcus Mariota, who worked with head coach Arthur Smith during their time together with the Tennessee Titans, which was later confirmed.