Left tackle Jake Matthews, who’s set to enter his ninth season with the Falcons, agreed to a three-year contract extension with the team Monday, according to his representative Ryan Williams of Athletes First.
The parties are finalizing the language in the deal on the first day of the legal tampering period. The deal was first reported by league-owned NFL Media. The extension is worth $55.5 million, and Matthews will receive over $52.5 million in the first three years of the deal.
Matthews, the sixth overall pick in the 2014 draft, has started 128 games and been selected to one Pro Bowl (2018). He had two years remaining on his contract and is now under contract for the next five seasons.
Matthews’ extension will help to lower his salary cap number for the 2022 season.
The Falcons got underneath the $208.2 million salary cap when wide receiver Calvin Ridley was suspended indefinitely for gambling on NFL games. The Falcons are $4,170,606 under the salary cap, according to NFLPA documents. Including the $12 million created by quarterback Matt Ryan’s latest restructure, the Falcons were $16 million under the cap.
With Matthew’s extension, the Falcons are projected to be $21 million under the cap.
Ryan signed a five-year extension on May 7, 2018, with a cash value of $169.2 million. The Falcons have restructured Ryan’s contract five times since, according to NFLPA documents.
On March 11, 2019, the Falcons converted $8.75 million of his 2019 base to a signing bonus for salary cap purposes.
On Dec. 27, 2019, the Falcons converted a partial 2020 base to an option bonus for cap purposes; escalators already achieved at the time of renegotiation were added to comply with the 30% rule.
On March 21, 2020, the Falcons converted a partial 2020 base salary to a signing bonus for salary cap purposes. His salary cap number was decreased by $6 million.
On March 15, 2021, the Falcons converted a partial 2021 base to a fully guaranteed 2021 roster bonus and treated it as an OATSB for salary cap purposes. An additional $15.5 million was guaranteed from the $100 million from a prior contract.
The latest renegotiation, which decreased Ryan’s salary cap number by $12 million, has not been filed with the NFLPA yet.
The Falcons can create more space by lowering the salary cap numbers of defensive tackle Grady Jarrett and linebacker Deion Jones.
