The Atlanta Falcons don't currently have any room with the salary cap to sign NFL free agents. That's a problem with free agency beginning this week.
But general manager Terry Fontenot has a few roster moves he can execute to create salary space. He did one of those on the eve of the legal tampering period beginning on March 10.
NFL Network's Mike Garafolo reported Sunday that the Falcons agreed to a two-year, $45 million extension with left tackle Jake Matthews.
With the new deal, Matthews will receive $38 million fully guaranteed over the next two seasons.
Matthews had one year remaining on his contract. The way Garafolo constructed his tweet, it sounds like the Falcons are only adding one extra year to Matthews' deal, keeping him on the roster through the 2026 season.
Essentially, the Falcons are converting part of his salary into a signing bonus. The exact amount the Falcons will save against the cap has not yet been announced. But it could be as much as around $11 million.
If that's the case, the Falcons would finally be under the salary cap. The team would have about $5 million to spend beginning on March 12.
Wednesday, March 12 at 4 pm ET is when unrestricted free agents can begin signing their new deals. But agencies that represent those free agents can begin discussing contracts with all 32 NFL organizations on March 10.
The Falcons drafted Matthews sixth overall in the 2014 NFL Draft. He has started at left tackle since Day 1.
Furthermore, since the start of the 2014 season, he's missed only one game, which was during his rookie season. In 2018, Matthew made the Pro Bowl.
Interestingly, he doesn't project to protect the quarterback's blindside in Atlanta next season. But that's because second-year signal caller Michael Penix Jr. is left handed.
With the additional cap space due to Matthews' extension, the Falcons have a greater chance of keeping Matthews' linemate, center Drew Dalman. However, Dalman is one of the top centers available in free agency, so it could take a historic deal to keep him in Atlanta.
Fontenot will likely need to do more cap finagling to find room for Dalman.
