Former Falcons QB Matt Ryan to be released by Colts, per report

One year after the Atlanta Falcons traded quarterback Matt Ryan to the Indianapolis Colts, the former NFL MVP is set to be released, according to a report from NFL Network’s Ian Rapoport.

Ryan, 37, had a forgettable year in Indianapolis, getting benched multiple times as the Colts fumbled their way through the 2022 season. The Falcons received a third-round pick in exchange for Ryan last offseason, while incurring an NFL-record $40.5 million dead cap hit.

During his 14 seasons in Atlanta, Ryan passed for 59,735 yards, 367 touchdowns and 170 interceptions. It’s unclear if the former No. 3 overall pick will retire or look to sign elsewhere in free agency.

According to Rapoport, the Colts negotiated a new contract with Ryan that guarantees him $12 million this season, regardless if he’s on the roster or not.

As part of the #Colts trade to acquire QB Matt Ryan, his agent negotiated a new contract that included a $12M guarantee in 2023 that was not in his previous contract. Ryan remains entitled to the $12M regardless of what he decides to do this season. Amazing.

— Ian Rapoport (@RapSheet) March 14, 2023

Since moving on from Ryan, the Falcons have signed and released Marcus Mariota, drafted Desmond Ridder, and on Tuesday, the team agreed to terms with free-agent quarterback Taylor Heinicke.