Why signing Drake London for big money now is right move for Falcons
The Falcons could have waited until they had a better quarterback to throw to Drake London before signing the wide receiver to a rich contract extension.
It’s good that they didn’t.
Better for the Falcons to lock up a good player at a premium position now, before the market resets with the next deal signed by a star wide receiver. And if Michael Penix Jr. and Tua Tagovailoa end up washing out at quarterback, then the Falcons can select one of the many top QB prospects in the 2027 draft.
AJC Falcons beat writer Daniel Flick reports that London’s four-year contract extension through 2030 is worth $140 million for an annual average value of $35.35 million. That’s more of a hypothetical figure for NFL contracts, which aren’t fully guaranteed.
London’s deal realistically is worth $100 million with an average annual value of $25 million. Per Spotrac, the practical guaranteed money in London’s contract is tied for fourth most among wide receivers.
The wide receivers who are scheduled to make more guaranteed money than London: Jaxon Smith-Njigba ($120 million), Ja’Marr Chase ($112 million) and Justin Jefferson ($110 million). CeeDee Lamb’s deal also includes $100 million in practical guarantees.
London ranks fourth or fifth among those wide receivers in nearly every statistical category you can think of. He’s the only one who hasn’t been voted to the AP All-Pro team. Relatedly, London also is the only one of those wide receivers to play on nothing but losing teams with lackluster quarterbacks.
That could be the case again in 2026.
Penix Jr. hasn’t been a consistent starter. Tagovailoa may never rediscover the form that once made him very good with the Dolphins. With questions at quarterback and the talent drain on defense, the Falcons could be losers again next fall.
Singing London to the extension is about the future.
If the Falcons draft a quarterback in 2027, then he will sign a four-year guaranteed contract through 2030. In that case, the Falcons would have their QB of the future and their star wide receiver on parallel contract timelines.
There are some good QB prospects to choose from in 2027. As many as five could be drafted in the first round: Dante Moore (Oregon), Julian Sayin (Ohio State), Arch Manning (Texas), Brendan Sorsby (Texas Tech) and Drew Mestemaker (Oklahoma State).
London can reach his full potential as a pass catcher once he plays with a better quarterback. His QBs have been Penix, journeyman Marcus Mariota, draft bust Desmond Ridder, backup Taylor Heinicke and post-Achilles surgery Kirk Cousins.
London has been very productive under the circumstances: 309 receptions for 3,961 yards and 22 touchdowns over 62 games. Pro Football Focus graded London as the fifth best wide receiver in 2025, when he missed five games because of injury. Also, London’s good blocking is key for the perimeter run game.
London was the first wide receiver picked in his draft (No. 8 overall) and he’s played like it. The second-best receiver in his draft, Garrett Wilson (No. 10), signed a contract extension last year that includes $90 million in practical guarantees. So, the Falcons got London at market price.
London will be a relative bargain if he plays with a good quarterback. If that doesn’t happen this season, then the Falcons can find a better QB next year and pair him with their star wide receiver for years to come.
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