The Atlanta Falcons have restructured the contract of quarterback Matt Ryan to create $7 million in cap space, according to Field Yates of ESPN. The Falcons are converting $8.75 million of Ryan's base salary into a signing bonus.

Ryan is coming off a 2018 campaign in which he threw for 4,924 yards, 35 touchdowns and seven interceptions while completing 69.4 percent of his passes and registering a passer rating of 108.1.

The 33-year-old, who played his collegiate football at Boston College, was originally selected by Atlanta with the third overall pick of the 2008 NFL Draft.

He started all 16 games during his rookie season, throwing for 3,440 yards, 16 touchdowns and 11 picks while completing 61.1 percent of his passes and posting a passer rating of 87.7.

Three years into his career, Ryan was a Pro Bowler after finishing with 3,705 yards, 28 touchdowns and nine interceptions, recording a completion percentage of 62.5 percent and a passer rating of 91.

That marked the first of four trips to the Pro Bowl throughout his career, with his best season coming in 2016 when he threw for 4,944 yards, 38 touchdowns and seven picks while completing 69.9 percent of his passes and tallying a passer rating of 117.1. Ryan also earned a first-team All-Pro selection for his efforts and led the Falcons all the way to the Super Bowl, where they famously blew a 28-3 lead and fell to the New England Patriots.

Atlanta won seven games this past season and did not look all that competitive at any one point of the year. It marked the first time the Falcons did not make the playoffs since 2015.