IMO, this is stupid if true. However, they might be putting it out there to fast track a trade instead of an outright release.
What QB would you rather have as a backup? The Falcons 2nd year QB got hurt 4 straight years in college. Getting rid of Cousins means losing other players, too because of the contract, much like our situation with Myles and a potential trade. Pay $10M more for a backup (who may very well have to start at some point during the season.) or Lose $65M in cap space and need to find another quality backup QB. The Falcons out is next year. The NFC South still looks pretty winnable this season.
While the bonus becomes guaranteed the 15th, I don't think it gets paid right away and could still move with a trade.
The $10M next year isn't a normal bonus. As of now, he doesn't have any guaranteed salary on his contract for 2026. As of now, he has been paid his $50,000,000 singing bonus (which is prorated over, '24/'25/'26/'27), his 2024 salary of $12,500,000, a $10,000,000 roster bonus which became guaranteed almost immediately after last year's league start. So, he stands at $72,500,000 today. He is guaranteed his 2026 salary right now, so he will be getting another $27,500,000. This is where it gets interesting for teams wanting Cousins.
Atlanta is on the hook for that $27,500,000. If they release him before Sunday, any team that signs him to a one year deal can get him at league minimum $1,200,000. This is prorated against the Falcons salary guarantee.. so they would then be on the hook for the remaining $26,300,000(+2025 $10M roster bonus and $12.5M prorated signing bonus). BUT, that is where the salary and roster bonuses end. They would then owe the remaining '26/'27 $25,000,000 salary cap money in 2025( and 2026 if post June 1st designated as well), which is true whether they cut him or trade him.
So, here are the options for other teams:
Wait it out and see if they cut him, which then gets you Cousins at a bargain basement price, but for only one season, then he becomes an unrestricted free agent. He is the ultimate one year stop gap, OR pay him his final contract in 2026, which will include all the bonuses that Atlanta has already paid him through 2027 and beyond.
Or
Trade for Cousins, possibly for a 6th/7th round draft pick and you will pay for Cousins $10,000,000 roster bonus in 2026 as well as owing him $35,000,000 in salary in 2025, repeat in 2026 if you don't cut him after the league year ends/repeat in 2027. The difference between the Falcons and a team that trades for him is this:
2025, the Falcons get off the hook for his 2025 salary, only owe the signing bonus money of $37,500,000. New team will now be on the hook for $35,000,000 + $10,000,000 roster bonus, but will have the option of keeping him in 2026 and 2027 without any dead money if they decide to part ways with him.
Here's the real kicker... the Falcons can structure a trade however they want to. If they want to negotiate for a 3rd rounder instead of a 7th rounder, they can agree to take on some of that 2025 salary as well, which they are currently on the hook for anyway. So a potential trade could look more like this:
Atlanta gets Browns #94 3rd round draft pick 2025. Agree to pay $30,000,000 of the $37,500,000 2025 salary
Browns get Kirk Cousins with the following money repercussions:
2025 Salary $7,500,000 + 2025 roster bonus that was guaranteed in 2024 (if the Falcons don't throw this into the trade deal)
2026 Salary $35,000,000 + $10,000,000 roster bonus which became guaranteed on March 17th. Option to cut him before league year begins and only owe $10,000,000 roster bonus as 2026 salary is not guaranteed
2027 Salary $35,000,000 + $10,000,000 roster bonus that doesn't become guaranteed until the 5th day of 2027 league year, not the 2026 league year.
So, trading for him gives the team that trades a lot more options down the road if structured properly.
At the end of the day, the Falcons owe him $45,000,000 in 2025, $10,000,000 in 2026, then can get out. They stand to lose an extra $25,000,000 salary cap in 2025 if they cut him on top of the salary, etc... They can alleviate some of that by designating him a post June 1st, carry the full cap hit until June 1st, then gain some back for 2025 and move the remaining hit into 2026.
This is why I think there are some negotiations ongoing, maybe with Cleveland and possibly Pittsburgh.
