Matt Ryan, one-time NFL MVP, expected to be released by Colts: report

Fox News Flash top sports headlines are here. Check out what's clicking on Foxnews.com.

The Indianapolis Colts have reportedly informed veteran quarterback Matt Ryan he will be released after just one season with the organization, per NFL Network. 

Ryan would have counted $35 million against the salary cap in 2023, and the Colts will be losing money with this move. While the move will give the Colts $17.2 million in cap savings, it will also represent a $18 million dead cap hit.

It was a tumultuous season all around for the Colts, who fired head coach Frank Reich mid-season and replaced him with first-time head coach Jeff Saturday in an interim role. 

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

Matt Ryan of the Indianapolis Colts throws a pass in the first half against the Dallas Cowboys at AT and T Stadium Dec. 4, 2022, in Arlington, Texas. (Wesley Hitt/Getty Images)

With Stane Steichen aboard, the offensive-minded head coach is looking for some change after Ryan struggled to get anything going in Indy. 

Ryan was the guy Reich entrusted to lead the Colts to the playoffs after they missed in 2021 following a Week 17 loss to the Jacksonville Jaguars. Carson Wentz was quarterbacking the team then, and he was traded to the Washington Commanders to make room for Ryan. 

COWBOYS ACQUIRE 5-TIME PRO BOWLER STEPHON GILMORE TO BEEF UP SECONDARY: REPORTS

In his 15th NFL season, Ryan went 4-7-1 as a starter, throwing for 3,057 yards, his lowest output since his second season with the Falcons in 2009. Ryan also threw 14 touchdowns and 13 interceptions. He was second in the league in total turnovers with 18, behind Buffalo Bills QB Josh Allen's 19.

Indianapolis Colts quarterback Matt Ryan holds his new jersey after a