Rookie Deal Signed by Falcons Quarterback Michael Penix

The Falcons have reached an agreement with rookie quarterback Michael Penix Jr., as reported by multiple sources. Penix, who was the No. 8 overall pick, has signed a four-year, $22.88 million contract with a fifth-year option included. Additionally, he will receive a signing bonus of $13.46 million. With Penix’s signing, the Falcons have now locked in their entire eight-player draft class.

The selection of Penix by the Falcons came as a surprise during the 2024 draft, especially since the team had recently signed Kirk Cousins in free agency just six weeks prior. Cousins is expected to remain the starter while Penix sits behind him for two years. Penix, who is 24 years old, last served as a backup in 2018. He had an impressive college career, winning the Maxwell Award and finishing second in Heisman voting in 2023. In six seasons of college football – four at Indiana and two at the University of Washington – he made 45 starts and completed 63.3 percent of his passes for 13,741 yards, 96 touchdowns, and 34 interceptions.

The Falcons have struggled at the quarterback position in recent years after trying to replace veteran Matt Ryan with multiple quarterbacks. By drafting Penix, the team not only has a successor for Cousins, who will turn 36 in August, but also a solid plan moving forward.