Falcons backup quarterback Matt Schaub signed his two-year, $3.78 million contract extension Tuesday, according to NFLPA documents.
Schaub received a $750,000 signing bonus and has a base salary of $1.03 million for 2019. His salary cap number is $1.405 for 2019.
The team can exercise the option for 2020 which calls for a $2 million base salary with a salary cap number of $2.375 million.
With Schaub’s deal and the franchise tagging of Grady Jarrett at $15.209 million, the Falcons have $6.7 million under the salary cap and will need $8 million for incoming rookie class in May.
The team is salary cap-strapped for free agency which is set to start on Wednesday.
Schaub was scheduled to become an unrestricted free agent next week, but he said in December that he preferred to remain with the Falcons.
“I love the game, still think I can do it, so I would love to keep playing,” Schaub said in the week leading to the Falcons’ season finale at Tampa Bay. “I love this organization, and I would love to see if they want me back here,” he said. “We’ll see what happens when the season is over, assess the situation and think about it, talk with my wife and see where things go.”
The Falcons drafted Schaub in the third round out of Virginia in 2004, and after he played sparingly for three seasons outside of holding the football for place-kicks, the team traded him to Houston Texans in 2007 for second-round draft picks in ’07 and ’08.
In those three seasons, he played in 38 games, including two starts, completing 84 of 161 passes for 1,033 yards and six touchdowns.
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