The Indianapolis Colts are expected to release veteran quarterback Matt Ryan, per multiple reports.
A move that was expected to happen ever since the end of the 2022 regular season, the Colts are moving on from the 37-year-old as they look to usher in a new era with a rookie quarterback in the 2023 NFL draft.
Because Ryan’s release comes before March 17, the third day of the new league year, the Colts will save $17.2 million against the salary cap while taking on a dead-cap hit of $18 million.
The news was first reported Zach Klein of WSB-TV Atlanta and confirmed by Jeff Howe of The Athletic.
Per NFL league source, the Indianapolis Colts are planning to cut QB Matt Ryan
— Zach Klein (@ZachKleinWSB) March 14, 2023
The Colts are releasing QB Matt Ryan, per source. @TheAthletic
— Jeff Howe (@jeffphowe) March 14, 2023
This move, along with trading cornerback Stephon Gilmore, gives the Colts an additional $27.1 million in salary-cap space, not including the money that is needed for the incoming rookie class.
Though Ryan was thought to be a Philip-Rivers-like addition to the roster last offseason, the plan could not have gone worse. The offensive line struggled mightily, and Ryan was seeing ghosts just about every time he dropped back to pass.
The veteran quarterback was benched twice during the regular season. The first time came under Frank Reich’s watch in favor of second-year quarterback Sam Ehlinger. That lasted for two games before Reich was fired.
When Jeff Saturday was surprisingly named the interim head coach, Ryan regained his starting role. However, he would again get benched after the historic Week 15 loss to the Minnesota Vikings when the Colts blew the largest lead in NFL history.
In all, Ryan started 12 games while completing 67% of his passes for 3,057 passing yards, 14 touchdowns, 13 interceptions and an 83.9 passer rating. He was sacked 38 times.
It will be interesting to see what’s next for Ryan. There are reports he may want to get into broadcasting, which would suit him well considering his expert knowledge of the game and his strong communication skills.
Regardless, the Colts officially move on from the veteran quarterback and will be looking to add a rookie in the upcoming draft at the end of April.
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