The Falcons have tried to create the impression that they're committed to keeping quarterback Kirk Cousins as the understudy to Michael Penix Jr. in 2025. Some think they're bluffing. One key fact supports the notion that the Falcons are biding their time.
The Cousins contract has a provision allowing the Falcons to automatically restructure the deal, whenever they want. They have not yet exercised that right.
Doing so would create up to $20.996 million in 2025 cap space, by reducing his salary from $27.5 million to $1.255 million, paying the difference as a bonus, and spreading it over five years.
Earlier this week, the Falcons created $20 million in cap space by restructuring the contracts of cornerback A.J. Terrell and guard Chris Lindstrom. Those moves created $20 million in extra cap space, putting the Falcons at roughly $12 million under the 2025 limit.
If they're serious about keeping Cousins for 2025, it would make sense to create another $20 million in cap space. If they're thinking about trading him, it would make no sense; not only would they pay him a $26.245 million signing bonus (instead of sending his $27.5 million salary to a new team) but they would also absorb a much larger cap hit when trading him.
While it's not a certainty that the Falcons would have restructured the Cousins contract if they absolutely were keeping him for 2025, the chances of a restructuring are nil, if they're thinking about trading him.
And, yes, Cousins has a no-trade clause. But if his choice ultimately becomes waiving it and playing or not waiving it and sitting, why not waive it? Especially if he might also finagle a sweetener from a team that gets through the 2025 draft without an acceptable solution at the quarterback position.
