Source: Falcons restructure Kirk Cousins deal, set up key decision - ESPN

The Falcons and Kirk Cousins agreed to modify the final two years of the quarterback's contract, setting the stage for a decision on his Atlanta future to be made by the third day of the 2026 NFL league year on March 13, a source told ESPN.

As part of the restructure, there is now a guarantee in the amount of $67.9 million for the 2027 season that vests on March 13. Given the highly unlikely nature that the Falcons or any team that would acquire Cousins via a trade prior to March 13 would want to be on the hook for that $67.9 million, a decision on Cousins' future could come prior to that date.

The restructure also included reducing his 2026 base salary from a non-guaranteed $35 million to just $2.1 million, a difference of $32.9 million. That amount equals the increase in his 2027 compensation that this amended deal includes, just split differently. The restructure does not impact any guaranteed money already owed to Cousins.

While Cousins and the Falcons — who are undergoing a search for a new general manager and head coach — could agree to another amended deal to keep him with Atlanta, one logical possibility posited by salary cap experts is the team moving on from Cousins before March 13 via a post-June 1 release.

Such a release would split the dead money on Cousins' contract over the 2026 and 2027 league years, as opposed to the team taking on the full amount in 2026, while also creating cap flexibility for Atlanta on June 2. Additionally, by agreeing to reduce Cousins' base salary for the 2026 year, the Falcons create more cap flexibility right away, as his cap charge dropped immediately.

Cousins, 37, appeared in 10 games this season, starting the final seven for Atlanta after Michael Penix Jr. suffered a knee