A couple of weeks ago, hours before the NFL’s legal tampering period began, the Falcons and Jake Matthews reportedly agreed to a three-year extension. Per Over The Cap, here are the details of the new deal:
Jake Matthews signed a three year contract extension worth $55.5 million with the Falcons. Matthews received $42 million in guarantees of which $26.6 million is fully guaranteed at signing. Matthews 2022 and 2023 base salaries are fully guaranteed and he received a $12.5 million signing bonus. If on the roster on the 5th day of the 2023 league year his $15.5 million salary in 2024 will be fully guaranteed. In addition he will earn a $10.5 million roster bonus on that day. Matthews had two years remaining on his prior contract when he signed this extension. The extension created $8.5 million in salary cap space in 2022.
Matthews’ $15 million 2022 cap hit is a great figure, but his nearly $34 million cap hit in 2023 is unsettling. Falcons fans can fully expect the front office to convert his roster bonus to lower that number next year. It’s a reasonable extension for one of the most consistent tackles in the league. Whichever quarterback prospect the Falcons eventually draft will have his blindside covered.
If Matthews’ play declines dramatically, the Falcons do have a way out. Cutting the former Aggie would cost the Falcons $7.5 million in 2024, $5 million in 2025, and $2.5 million in 2026.