Moving Off of the Kirk Cousins Contract

Michael Ginnitti
Michael Ginnitti, Managing Editor & NFL/MLB ExpertDecember 18, 2024
© USA TODAY Sports

Kirk Cousins move to the bench lights a fire under what could be a fascinating offseason for the underachieving Atlanta Falcons. We’ll detail a few options for the Cousins contract in the coming months:

Kirk Cousins Remaining Contract

As it currently stands, Cousins carries the following compensation through the 2027 season:

2025: $27.5M (fully guaranteed)
2026: $45M ($10M guarantees March 16th, 2025)
2027: $45M ($10M guarantees March 2027)

Thanks to a $50M signing bonus this past March, the Falcons carry $37.5M of bonus dead cap in 2025 (¾ of the $12.5M per year bonus proration). This figure will remain with Atlanta regardless of the outcome going forward.

Atlanta Releases Kirk Cousins

Before March 16th, 2025
Dead Cap: $65M ($27.5M of which is cash)

Before March 16th as a Post 6/1 Designation
$40M cap hit stays on the books through June 1st, then:
2025 Dead Cap: $40M ($27.5M of which is cash)
2026 Dead Cap: $25M

Between March 16th - June 1st
Dead Cap: $75M ($37.5M of which is cash)

After June 1st, 2025
2025 Dead Cap: $50M ($37.5M of which is cash)
2026 Dead Cap: $25M

Atlanta Cap Converts, then Releases Kirk Cousins

If a trade partner doesn’t surface, the Falcons can process a salary cap conversion on Cousins’ contract before releasing him.

By converting $26.25M of 2025 salary into a signing bonus, Atlanta can lower Cousins’ cap hit next season down to $19M (it’s currently $40M). Then, they can designate Cousins a Post June 1st release before March 16th (when that extra $10M kicks in), carry his $19M cap hit into June, then take on dead cap hits of:

2025: $19M
2026: $45.9M

Atlanta Trades Kirk Cousins

March 16th remains an important date as it triggers the full guarantee of $10M in 2026 compensation. It should also be noted that Atlanta can and probably will retain a portion of guaranteed salary to help facilitate a trade, though that would push the Falcons’ 2025 dead cap hit north of $40M.

Before June 1st
Falcons Dead Cap
2025: $37.5M

New Team Acquires
2025: $27.5M (fully guaranteed)
2026: $45M ($10M guarantees March 16th)
2027: $45M ($10M guarantees March 2027)

After June 1st
Falcons Dead Cap
2025: $12.5M
2026: $25M

New Team Acquires
2025: $27.5M (fully guaranteed)
2026: $45M ($10M guaranteed)
2027: $45M ($10M guarantees March 2027)

Kirk Cousins Retires

With $27.5M of fully guaranteed salary (+ $10M more set to lock in), it stands to reason that Cousins would stick out another NFL season. However, the 36-year-old has already accrued over $294M in career earnings through 2024, so money is only a part of the story here.

Hypothetically speaking though if a decision to retire is made, Atlanta would still be on the hook for the $37.5M in signing bonus proration, UNLESS, the Falcons work to recoup some of that signing bonus per his retirement (Spoiler: The team isn’t going to arbitrate to recoup money from a player they no longer want on their roster, and certainly don’t want to be paying another $37.5M salary to going forward).


Top