Analysis: It's light compensation for a veteran starting quarterback, largely because Ryan has a huge contract that includes a $7.5 million roster bonus this week. It appears the Falcons will avoid paying that bonus, with the Colts betting that a better roster around him will allow for a comeback year from the soon-to-be 37-year-old QB. Despite starting all 17 games last season, Ryan fell shy of 4,000 passing yards for the first time since 2010, with 7.1 YPA being his lowest mark since 2013. He also threw only 20 TD passes, tied for the second fewest of his career, though he did have multiple TDs in five of the first six games before Calvin Ridley missed the remainder of the season. Ryan will get a big O-line upgrade with the move to Indianapolis, not to mention benefitting from the presence of formidable running back Jonathan Taylor, but the Colts' current roster is light on pass-catching talent behind WR Michael Pittman. Of course, the Colts still have plenty of cap space (and the upcoming draft) to add more receiving weapons. Meanwhile, Mike Garafolo of NFL Network reports the Falcons are interested in free-agent QB Marcus Mariota, who would step in atop the depth chart ahead of 2021 UDFA Feleipe Franks. There's also a reasonable chance Atlanta uses an early pick on a QB during the 2022 Draft.

Analysis: The Falcons presumably would've traded Ryan if they'd been able to add Deshaun Watson, and while they ultimately lost out to Cleveland, there's apparently still some chance the 36-year-old QB is traded. The Colts are oft-mentioned as a fit, given their ample cap space and obvious need at quarterback, and Rapoport hints that other teams may be interested as well. It is possible for the Falcons to deal Ryan after he's paid the bonus, at which point he'd have a bit more trade value but also would leave behind a larger dead cap charge.