The Atlanta Falcons have finalized a contract with rookie quarterback Michael Penix Jr., as reported by multiple sources. Penix, who was the No. 8 overall pick in the 2024 NFL Draft, has signed a four-year contract worth $22.88 million, including a $13.46 million signing bonus and an option for a fifth year.
This deal marks the completion of contracts for the Falcons’ eight-player draft class. The selection of Penix was one of the most unexpected moves in the 2024 draft, especially since it came just six weeks after the Falcons secured veteran quarterback Kirk Cousins in free agency. The team owes Cousins $100 million over the next two years, indicating that Penix will likely spend this period as Cousins’ backup.
Penix, 24, has not started a season as a backup since 2018. His collegiate career is decorated with accolades, including the prestigious Maxwell Award, which is given to the nation’s most outstanding player, and a second-place finish in the 2023 Heisman Trophy voting. During his six seasons in college football, Penix played four seasons at Indiana and two at the University of Washington. He made 45 starts and achieved a completion rate of 63.3 percent, amassing 13,741 passing yards, 96 touchdowns, and 34 interceptions.
Over the past two seasons, the Falcons have struggled to find a steady replacement for their long-time quarterback Matt Ryan, having started three different quarterbacks in this period. With the acquisition of Penix, the Falcons not only secure a promising new talent but also establish a clear succession plan for Cousins, who will turn 36 in August.
Penix’s addition to the Falcons’ roster is seen as a strategic move, ensuring stability and future potential for the team’s quarterback position. Despite the surprise of his selection, the Falcons’ front office is confident that Penix will benefit from the opportunity to develop under Cousins’ mentorship. This period of growth is expected to prepare Penix to eventually take over as the starting quarterback, securing the Falcons’ long-term future at the position.
The Falcons’ decision reflects their commitment to building a robust and competitive team, focusing not only on immediate performance but also on sustainable success. With Penix under contract, the Falcons have addressed a crucial need and are poised to move forward with a promising blend of experienced and emerging talent in their quarterback lineup.
