Matt Ryan has been traded to the Indianapolis Colts for a third-round pick in the 2022 NFL Draft, the team announced on Monday afternoon.
This deal formally ends Ryan's 14-year tenure as the team's starting quarterback, where he set every major franchise passing record and led the Falcons to the playoffs six times.
The trade reaps valuable draft capital, frees up some salary-cap space in 2022 and sets the Falcons up to have a significant amount of cap space in 2023, creating the financial flexibility essential to the franchise's long-term health.
Ryan moves on to Indianapolis, which traded Carson Wentz to Washington earlier this offseason and needed a starting quarterback.
While Ryan has meant so much to the franchise during a long tenure that began back in 2008, the move allows the organization to focus on its long-term solution at quarterback. Owner Arthur Blank talked recently about the need to execute a succession plan at the position, which now begins as the Falcons move on from the person who started 222 games for the Falcons over 14 seasons.
We take a look back over Matt Ryan's career with the Falcons.
Quarterback Matt Ryan holds up a jersey after being selected by the Atlanta Falcons as the third pick overall in the first round of the NFL Draft Saturday, April 26, 2008, in New York.(AP Photo/Jason DeCrow)
NFL commissioner Roger Goodell, left, and Matt Ryan, the Atlanta Falcons third pick, on stage during the NFL Draft Saturday, April 26, 2008 in New York.(AP Photo/Jason DeCrow)
Quarterbacks Matt Ryan, left (2) and D.J. Shockley drop back to pass during a drill at Atlanta Falcons football training camp, Monday July 28, 2008, in Flowery Branch, Ga. (AP Photo/John Amis)
Atlanta Falcons' quarterback Matt Ryan scramble out of the pocket for a 17-yard gain as Green Bay Packers' (27) Will Blackmon, (96) Michael Montgomery and (74) Aaron Kampman pursue during the fourth quarter of an NFL football game at Lambeau Field on Sunday, Oct. 5, 2008, in Green Bay, Wis. The Falcons won 27-24. (AP Photo/Matt Ludtke)
New Orleans Saints coach Sean Payton, left, and quarterback Drew Brees right, talk with Atlanta Falcons quarterback Matt Ryan after their NFL football game in the Superdome in New Orleans Sunday, Dec. 7, 2008. Saints won 29-25. (AP Photo/Alex Brandon)
This is a 2009 photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Friday, May 8, 2009 when this image was taken. (AP Photo)
New England Patriots quarterback Tom Brady, left, talks with Atlanta Falcons quarterback Matt Ryan after the Patriots beat the Falcons 26-10 in a NFL football game in Foxborough, Mass., Sunday, Sept. 27, 2009. (AP Photo/Winslow Townson)
Atlanta Falcons quarterback Matt Ryan and owner Arthuir Blank talk before an NFL football game against the Tampa Bay Buccaneers in Atlanta, Sunday, Nov. 29, 2009. (AP Photo/John Bazemore)
This is a photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Tuesday, Aug. 9, 2011. (AP Photo)
Atlanta Falcons NFL football quarterback Matt Ryan throws out the ceremonial first pitch before a baseball game between the Atlanta Braves and the Tampa Bay Rays, Wednesday, June 16, 2010, in Atlanta. (AP Photo/John Bazemore)
Matt Ryan in 2010.
Atlanta Falcons quarterback Matt Ryan (2) is shown during an NFL football game against the Carolina Panthers Sunday, Jan. 2, 2011 in Atlanta. (AP Photo/John Bazemore)
Atlanta Falcons quarterback Matt Ryan (2) of the NFC celebrates during the 2011 NFL Pro Bowl football game against the AFC at Aloha Stadium on Sunday, January 30, 2011 in Honolulu, Hawaii. The NFC won the game 55-41. (AP Photo/Aaron M. Sprecher)
Atlanta Falcons quarterback Matt Ryan talks to reporters during NFL football training camp, Monday, July 30, 2012, in Flowery Branch, Ga. (AP Photo/John Amis)
Matt Ryan in 2011.
Atlanta Falcons quarterback Matt Ryan (2) runs to the field before the first half of an NFL football game against the Carolina Panthers Sunday, Oct. 16, 2011, in Atlanta. (AP Photo/John Bazemore)
New Orleans Saints quarterback Drew Brees (9) greets Atlanta Falcons quarterback Matt Ryan (2) after their NFL football game in New Orleans, Monday, Dec. 26, 2011. (AP Photo/Bill Haber)
This is a 2012 photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Wednesday, June 20, 2012 when this image was taken. (AP Photo)
Matt Ryan in 2012.
Atlanta Falcons quarterback Matt Ryan (2) plays with student at Clifton elementary School in Atlanta, Tuesday, Oct. 9, 2012. Several Falcons spent the morning visiting area schools as part of the NFL's Hometown Huddle volunteer program. (AP (AP Photo/John Bazemore)
Matt Ryan in 2012.
New Orleans Saints quarterback Drew Brees (9) and Atlanta Falcons quarterback Matt Ryan (2) talk after an NFL football game, Thursday, November 29, 2012, in Atlanta. The Falcons won 23-13. (AP Photo/Paul Abell)
Atlanta Falcons quarterback Matt Ryan (2) works during the first half of an NFL football game against New York Giants, Sunday, Dec. 16, 2012, in Atlanta. (AP Photo/John Amis)
This is a 2013 photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Monday, June 17, 2013 when this image was taken. (AP Photo)
Atlanta Falcons quarterback Matt Ryan (2) prepares to hit the field before the first half of a preseason NFL football game against the Cincinnati Bengals, Thursday, Aug. 8, 2013, in Atlanta. (AP Photo/David Goldman)
Atlanta Falcons quarterback Matt Ryan (2) speaks with Seattle Seahawks quarterback Russell Wilson (3) after the second half of an NFL football game, Sunday, Nov. 10, 2013, in Atlanta. The Seattle Seahawks won 33-10. (AP Photo/David Goldman)
Atlanta Falcons quarterback Matt Ryan (2) throws a pass against the Tampa Bay Buccaneers during the first quarter of an NFL football game Sunday, Nov. 17, 2013, in Tampa, Fla. (AP Photo/Reinhold Matay)
Atlanta Falcons quarterback Matt Ryan (2) after the second half of an NFL football game against the Washington Redskins, Sunday, Dec. 15, 2013, in Atlanta. The Atlanta Falcons won 27-26. (AP Photo/John Bazemore)
This is a 2014 photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Sunday, June 15, 2014 when this image was taken. (AP Photo)
Atlanta Falcons quarterback Matt Ryan (2) watches from the sideline during the first half of an NFL preseason football game against the Jacksonville Jaguars in Jacksonville, Fla., Thursday, Aug. 28, 2014.(AP Photo/Phelan M. Ebenhack)
Atlanta Falcons quarterback Matt Ryan (2) speaks with Pittsburgh Steelers quarterback Ben Roethlisberger (7) the first half of an NFL football game, Sunday, Dec. 14, 2014, in Atlanta. (AP Photo/David Goldman)
Team Irvin's quarterback Matt Ryan during the NFL Pro Bowl Game, Sunday, Jan. 25, 2015 in Glendale, Ariz. (Doug Benc/AP Images)
This is a 2015 photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Tuesday, June 16, 2015 when this image was taken. (AP Photo)
Atlanta Falcons quarterback Matt Ryan (2) throws a pass during their annual "Friday Night Lights" NFL football practice Friday, Aug. 7, 2015, in Buford, Ga. (AP Photo/John Bazemore)
Atlanta Falcons quarterback Matt Ryan (2) takes the field before the first half of an NFL football preseason game between the Atlanta Falcons and the Tennessee Titans, Friday, Aug. 14, 2015, in Atlanta. (AP Photo/David Goldman)
Atlanta Falcons quarterback Matt Ryan (2) leads the team in a cheer before the first half of an NFL football game between the Atlanta Falcons and the Philadelphia Eagles, Monday, Sept. 14, 2015, in Atlanta. (AP Photo/John Bazemore)
Matt Ryan in 2015.
Atlanta Falcons quarterback Matt Ryan during the game against the Tampa Bay Buccaneers on Sunday, Oct. 11, 2015 at the Georgia Dome. The Falcons lost 23-20 in overtime, going to 6-2 on the season. Photo by Kevin D. Liles
Matt Ryan in 2015.
Atlanta Falcons quarterback Matt Ryan during the game against the Charlotte Panthers a the Georgia Dome on Sunday, Dec. 27, 2015. The Falcons, now 8-7, won 20-13. Photo by Kevin D. Liles
Matt Ryan in 2015.
Atlanta Falcons quarterback Matt Ryan (2) warms up before the first half of an NFL football game between the Atlanta Falcons and the New Orleans Saints, Sunday, Jan. 3, 2016, in Atlanta. (AP Photo/David Goldman)
This is a 2016 photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Monday, June 13, 2016 when this image was taken. (AP Photo)
Matt Ryan in 2016.
Matt Ryan in 2016.
Atlanta Falcons quarterback Matt Ryan (2) works against the New Orleans Saints during the first half of an NFL football game, Sunday, Jan. 1, 2017, in Atlanta. (AP Photo/John Bazemore)
Atlanta Falcons' Matt Ryan runs for a touchdown during the first half of the NFL football NFC championship game against the Green Bay Packers Sunday, Jan. 22, 2017, in Atlanta. (AP Photo/David Goldman)
FILE - In this Sunday, Jan. 22, 2017, file photo, Atlanta Falcons' Matt Ryan celebrates after the NFL football NFC championship game against the Green Bay Packers, in Atlanta, as the Falcons won 44-21 to advance to Super Bowl 51. There's one opponent who has escaped the fury of the fans in Foxborough, Mass., and even has a considerable amount of goodwill in the heart of New England. In fact, it's hard to find any kind of animosity toward Atlanta Falcons quarterback Matt Ryan, who built his reputation at Boston College and will face the Patriots in the Super Bowl. (AP Photo/David Goldman, File)
Atlanta Falcons quarterback Matt Ryan (2) answers questions during Super Bowl LI Opening Night at Minute Maid Park on Monday, Jan. 30, 2017 in Houston. (Ben Liebenberg via AP)
Atlanta Falcons' Matt Ryan warms up before the NFL Super Bowl 51 football game against the New England Patriots Sunday, Feb. 5, 2017, in Houston. (AP Photo/Elise Amendola)
Atlanta Falcons' Matt Ryan hands off to Devonta Freeman before the NFL Super Bowl 51 football game against the New England Patriots Sunday, Feb. 5, 2017, in Houston. (AP Photo/Tim Donnelly)
Matt Ryan in 2017.
Matt Ryan in 2017.
Matt Ryan in 2017.
This is a 2018 photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Monday, June 11, 2018 when this image was taken. (AP Photo)
FILE - In this Dec. 30, 2018, file photo, Atlanta Falcons quarterback Matt Ryan (2) celebrates after catching a 5-yard touchdown pass from Mohamed Sanu during the second half of an NFL football game against the Tampa Bay Buccaneers in Tampa, Fla. The Falcons have gained some much-needed salary cap room by restructuring Ryan's contract. The Falcons confirmed that $8.75 million of Ryan's 2019 base salary will be paid as a signing bonus. (AP Photo/Mark LoMoglio, File)
May 06, 2019 - Matt Ryan poses for a lifestyle portrait at the Atlanta Falcons Training Facility in Flowery Branch, Georgia. (Photo by Kate T. Parker)
This is a 2019 photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Monday, June 10, 2019 when this image was taken. (AP Photo)
Atlanta Falcons quarterback Matt Ryan (2) reacts after an NFL football game against the New Orleans Saints, Sunday, Nov. 10, 2019 in New Orleans. (NFL Photos via AP)
Atlanta Falcons quarterback Matt Ryan #2 drops back to pass against the New Orleans Saints on December 6, 2020.
Atlanta Falcons quarterback Matt Ryan #2 poses for a portrait during 2021 AF Creative Days at CW Davis Middle School in Flowery Branch, Georgia, on Monday, June 7, 2021. (Photo by Dakota Williams/Atlanta Falcons)
This is a 2021 photo of Matt Ryan of the Atlanta Falcons NFL football team. This image reflects the Atlanta Falcons active roster as of Tuesday, July 27, 2021 when this image was taken. (AP Photo)
Atlanta Falcons quarterback Matt Ryan #2 warms up prior to a game against the Cleveland Browns at Mercedes-Benz Stadium in Atlanta, Georgia on Sunday, August 29, 2021. (Photo by Brandon Magnus/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 dives for a first down during the first quarter against the Philadelphia Eagles at Mercedes-Benz Stadium in Atlanta, Georgia on Sunday, September 12, 2021. (Photo by Brandon Magnus/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 warms up before the game against the Washington Football Team at Mercedes-Benz Stadium in Atlanta, Georgia on Sunday, October 3, 2021. (Photo by Brandon Magnus/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 runs out before the game against the Washington Football Team at Mercedes-Benz Stadium in Atlanta, Georgia on Sunday, October 3, 2021. (Photo by Brandon Magnus/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 warms up before facing the New York Jets at Tottenham Hotspur Stadium in London, England on Sunday, October 10, 2021. (Photo by Chris Trotman/Atlanta Falcons)
Atlanta Falcons head coach Arthur Smith and quarterback Matt Ryan #2 talk during the second half against the Carolina Panthers at Mercedes-Benz Stadium in Atlanta, Georgia on Sunday, October 31, 2021. (Photo by Kyle Hess/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 celebrates after scoring a touchdown during the third quarter against the New Orleans Saints at Caesars Superdome in New Orleans, Louisiana on Sunday, November 7, 2021. (Photo by Brandon Gallego/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 prepares to take the field prior to a game against the New England Patriots at Mercedes-Benz Stadium in Atlanta, Georgia on Thursday, November 18, 2021. (Photo by Brandon Magnus/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 warms up before the game against the Tampa Bay Buccaneers at Mercedes-Benz Stadium in Atlanta, Georgia on Sunday, December 5th, 2021. (Photo by Dakota Williams/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 prepares to take a snap during the second half against the Tampa Bay Buccaneers at Mercedes-Benz Stadium in Atlanta, Georgia on Sunday, December 5, 2021. (Photo by Dakota Williams/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 warms up prior to a game against the Carolina Panthers at Bank of America Stadium in Charlotte, North Carolina on Sunday, December 12, 2021. (Photo by Shanna Lockwood/Atlanta Falcons)
Atlanta Falcons quarterback Matt Ryan #2 warms up before facing the Detroit Lions at Mercedes-Benz Stadium in Atlanta, Georgia on Sunday, December 26, 2021. (Photo by Shanna Lockwood/Atlanta Falcons)
Getting Ryan's large contract and massive cap numbers off the books after the 2022 season – there will be dead money associated with this trade on this year’s cap -- helps general manager Terry Fontenot and head coach Arthur Smith execute their long-term plan for the franchise and establish a period of sustained success.
They'll have to add a quarterback either in free agency or the NFL Draft or both to a position group where Feleipe Franks is the only signal caller currently under contract, as their search for the team's next franchise quarterback continues.
That will happen in time, as the team continues to supplement the roster for 2022 and beyond. Right now, they're saying farewell to Ryan, who finishes his Falcons tenure with 59,735 passing yards, 367 passing touchdowns and a 94.2 career passer rating. He was 120-102 as Falcons quarterback and won the MVP in 2016, when he led the Falcons to an NFC championship.
