The Atlanta Falcons (currently -$5M of cap space) have been vocal about their intent to keep QB Kirk Cousins in 2025, despite the expectation that Michael Penix Jr. will take over the QB1 reins. Cousins is owed a fully guaranteed $27.5M for the upcoming season, with $65M of dead cap sitting on the deal. If he's on the roster March 16th, a $10M bonus for 2026 becomes fully guaranteed as well. Let's lay out a few options:

A Standard Pre-March 16 Trade
It seems unlikely, but if Atlanta can find a dance partner to take on Cousins' contract, the Falcons would take on a $37.5M dead cap hit in 2025, but free themselves of any salary owed. The acquiring team would take on:

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

A Salary-Retained Trade (Pre-March 16)
A slightly more possible option is that the Falcons agree to eat a portion of Cousins' $27.5M salary in order to facilitate a trade. Anything more than $2.5M retained would result in Atlanta taking a cap loss on the move, but the juice still might be worth the squeeze when including less money paid out, and a draft pick coming back in return.

A Standard Post June 1st Release (Pre-March 16)
The Falcons will keep Cousins' $40M cap hit on the books into June, then take on dead hits of $40M for 2025, $25M for 2026.

A Conversion + Post June 1st Release (Pre-March 16)
The Falcons convert $26.245M of Cousins' salary into signing bonus, then designate him a Post 6/1 release. They carry his updated $19M cap hit into June, then take on dead hits of $19M in 2025, $46M in 2026.

The Post-March 16th Move
Everything jumps up by $10M (including the cash owed). A trade becomes even less likely (if not impossible), and the total dead cap now sits at $75M.

The Actually Keep Him Move
We'll play along here. The Falcons decide to keep Cousins as a backup/QB1 competitor, paying him the $27.5M in 2025, allowing the $10M in 2026 to vest. If they don't touch the contract any further (no cap conversions), it will hold $35M of dead cap after 2025, the cost to release the nearly 38-year-old before another $10M bonus becomes guaranteed in early March 2027. If the Falcons process any sort of conversion on Cousins' current $40M cap hit, it will increase this $35M dead cap hit respectively.