As the new NFL business year began at 4 p.m. Wednesday, all the flashiest transactions of recent days started becoming official. Quarterback Geno Smith became a Raider via a trade. Quarterback Sam Darnold became a Seahawk via free agency. Milton Williams became a pricey piece to anchor the Patriots’ defensive front.
Yet Kirk Cousins remains with the Falcons.
One year after the Falcons signed Cousins to a four-year, potentially $180 million contract, both the team and player have wound up in a messy situation. The Falcons benched Cousins for rookie Michael Penix Jr., their surprise pick at No. 8 overall who’s now their quarterback moving forward. It’s been a failed marriage from the start, from tampering penalties to Cousins being frustrated by the Penix pick to Cousins playing poorly through injury to Cousins being benched, this wasn’t what the parties envisioned last March.
Cousins, who turns 37 in August, now wants the opportunity to start elsewhere. He reportedly met with Falcons owner Arthur Blank to express that desire. But that doesn’t mean the Falcons will oblige. If the Falcons want to get something for Cousins, they might have to wait to make a move.
Cousins has a $27.5 million guaranteed salary and $40 million salary-cap hit, but outsiders are led to believe it’s an inevitable divorce. The Falcons have maintained they’ll do what’s best for them, and that option includes retaining Cousins as a backup. He’s due a $10 million bonus Monday that could force action — his release or trade — or show the Falcons are true to their words (more on all of this later). Cousins has a no-trade clause, but it’s hard to see a team acquiring him via trade unless there was a restructuring of the contract (and if teams believe he’ll be released, they have little reason to relinquish draft compensation for him).
The Falcons would take $37.5 million in dead money with $2.5 million in savings if Cousins were traded before June 1; they absorb $12.5 million in dead money with $27.5 million in savings if they traded him after June 1 (the Falcons also have the option of retaining money to consummate a trade). The Falcons would absorb $65 million in dead money if they released Cousins before June. If they cut Cousins with a post-June 1 designation, the dead money would be spread across two seasons ($40 million 2025 and $25 million in 2026). In other words, it behooves the Falcons to act on Cousins with a post-June designation if they’re releasing him. To note: The Falcons could release Cousins this weekend with such designation. They don’t actually have to wait until June, it’s a procedural move.
Also of note: The Falcons still would be paying Cousins almost his entire $27.5 million salary to play somewhere else if he’s released. He could sign for the league minimum with his next team – which for him would be $1.255 million — and that means that total would be deducted from his Falcons salary. They would still be paying him over $26 million. The Broncos releasing Russell Wilson and him signing with Pittsburgh for the minimum was a recent example of this. The Broncos saved only $1.21 million — the deal Wilson signed with the Steelers - of the $39 million they owed him. The Falcons don’t save much by cutting Cousins, and they’d still need a backup quarterback.
3 reasons the Falcons might retain Cousins beyond this weekend
1. The money for Penix-Cousins combo isn’t bad
The Falcons owe Cousins $27.5 million guaranteed in 2025. Penix makes just $1.825 million this year. Bottom line: As ugly as it’d be to have such a pricey backup, spending just below $30 million combined on two NFL-caliber quarterbacks is reasonable, setting context aside (the cap charge would exceed $45 million before a possible restructuring). The benefit of the rookie-quarterback contract already is out the door; the Falcons knew that would be the case upon drafting Penix.
The Falcons paid Cousins $62.5 million for last season. The looming $10 million bonus actually is the difference between guaranteed for injury and fully guaranteed, according to Pro Football Talk. Theoretically, the Falcons could release Cousins after the coming season and get an offset for whatever he earns with another team. So the Falcons potentially could recoup their $10 million unless Cousins signed for a minimum number, in which case he’d make just over $10 million. Quarterbacks typically receive north of such on short-term deals; Jones, released midseason by the Giants, just received $14 million with a max value of $17.7 million on a one-year deal. Cousins wouldn’t have reason to sign for the minimum next offseason, even if he was out of sight out of mind in 2025. And he’s long been known for always pursuing the most financial-savvy route.
Ultimately, as has been outlined before, there isn’t much financial benefit to dropping Cousins right now ($10 million). The Falcons are paying him $90 million for one season or potentially $100 million for two. He’s a sunk cost and they’ll have decisions to make about managing his cap number regardless of how they proceed.
2. Falcons might need strong backup for unproven Penix
The Atlanta Journal-Constitution’s D. Orlando Ledbetter noted earlier this week that while Penix’s early play was encouraging, there’s still benefit to a veteran backup. Look at what happened up the road in Charlotte, where the Panthers benched No. 1 overall pick Bryce Young earlier in their season, played veteran Andy Dalton, and when Young returned, he looked like a new quarterback.
It’s not a scenario any Falcons fan wants to imagine, but Cousins provides insurance for Penix because of injury — he had a list of those during his lengthy college career — or if he needs a mental reset. Cousins already has a rapport with Penix and, by the latter’s admission, greatly helped him during his rookie campaign.
Cousins would be expected to be professional and continue serving his role if the Falcons kept him. He’d still be among the NFL’s better backups, and that could loom large in a division that’s generally viewed as winnable. If Penix misses a month, the Falcons could feel better about Cousins leading them to a 2-2 record than whatever low-level alternative they might acquire.
3. The best time to trade Cousins might come later. Another reason for keeping him: Circumstances change. Something could change next week — speculatively speaking, maybe Rodgers retires, Wilson goes to New York and Pittsburgh suddenly has an open mind — or a situation could change in August, or even after the season starts, when a quarterback goes down with an injury and acquiring Cousins becomes a logical stopgap. He’d presumably be a better option than other trade candidates or free agents.
If the Falcons aren’t concerned about the coming roster bonus, then they’re afforded the patience that Cousins doesn’t have. His playing career is in its twilight, so it’s understandable why he’d want a chance to play somewhere else. The no-trade clause probably wouldn’t be a factor in that scenario if Cousins’ priority is playing.
The Falcons, though, don’t owe him that opportunity. They could hold him hoping it eventually nets them draft compensation. Again, that situation is manageable because of the financial realities of this situation. There isn’t great benefit to immediately getting rid of Cousins, but there could be eventual payoff to holding onto him. He’s being paid handsomely for the trouble.
Options are dwindling for Cousins
But if/when Cousins shakes free, his options have dwindled. After flirting with the Raiders and Giants, Matthew Stafford reached a new deal to remain with the Rams. The quarterback-desperate Raiders pivoted to Smith, whom they’re expected to give a hefty extension. The Seahawks landed Darnold, the market’s top free-agent signal-caller who enjoyed a breakout 2024 season in Minnesota, on a three-year, $110.5 million contract to replace Smith.
Indianapolis, disappointed in Anthony Richardson’s play, signed Daniel Jones to compete with him. With Aaron Rodgers jettisoned, the Jets signed Kennesaw’s Justin Fields and could draft another quarterback. Pittsburgh reportedly is hoping to sign Rodgers or Russell Wilson; the Giants reportedly could bring in whichever quarterback the Steelers don’t. New York is also picking No. 3 in the draft.
The Titans, who surely don’t want to start Will Levis for another season, could add a veteran but importantly hold the No. 1 overall pick. Miami’s Cam Ward could land in Nashville or even New York, should the Giants trade up. Colorado’s Shedeur Sanders also could be a top-10 selection, while other quarterbacks like Jaxson Dart (Ole Miss) and Jalen Milroe (Alabama) are day-2 developmental options. Derek Carr is staying with New Orleans. J.J. McCarthy is set to take over in Minnesota (they wouldn’t want Cousins back anyway). The 49ers will try to sign Brock Purdy for the long haul so no pivot is anticipated with them. There aren’t any other spots where Cousins would be a starting candidate — except the most obvious one.
The conversation shifts to Cleveland, who’s long appeared the most likely Cousins destination. The Browns already have lost Deshaun Watson for the season (and he played horrifically before the injury). They acquired Kenny Pickett, but he’s not a wanted answer to anything. The Browns pick No. 2, which means they’ll have access to Ward or Sanders, but they could also want a bridge — or to even spend their pick on someone else like edge rusher Abdul Carter or cornerback-receiver Travis Hunter.
Browns coach Kevin Stefanski was Cousins’ quarterback coach in Minnesota, which holds great relevance here. Numerous reports out of Cleveland have linked the Browns to Cousins, and surely that’d be of interest to the player given his ties to the organization and the clear opportunity to start.
The other free-agent quarterbacks available include Carson Wentz, Jameis Winston, Joe Flacco, Mac Jones, Trey Lance, Drew Lock, Marcus Mariota and Cooper Rush. Quarterback-needy teams likely would view Cousins as superior to the remaining free agents, especially if he’d sign a minimum deal as a free agent.
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