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Falcons, QB Michael Penix Jr. agree to terms on rookie contract

Michael Penix Jr. is ready to sign on the dotted line.

The Atlanta Falcons' No. 8 overall pick in the 2024 NFL Draft has agreed to terms on a four-year, $22.8 million rookie contract, NFL Network Insider Ian Rapoport reported, per a source.

Atlanta's selection of Penix was the stunning decision of draft night after the club's big offseason signing of Kirk Cousins, who became a Falcon on a four-year, $180 million contract that includes $100 million in guarantees.

Penix will presumably sit behind Cousins for the next couple of years as an eventual successor. The 24-year-old rose to stardom during his final collegiate season, winning the Maxwell Award as the nation's top player and becoming a finalist for the Heisman Trophy after leading the nation in passing with 4,903 yards.

While the Falcons forwent needs elsewhere at No. 8 overall, securing a quarterback of the future could be looked back on as a saving grace. The Falcons' history of selecting top-10 overall quarterbacks has favored the franchise, too, as Penix joins Matt Ryan (2008), Michael Vick (2001) and Steve Bartkowski (1975), who have all left their marks on the franchise.

Penix was one of six QBs selected in the 2024 NFL Draft's first round and is the fourth to sign his name on a contract. Chicago's Caleb Williams, the No. 1 overall pick, and Minnesota's J.J. McCarthy, the No. 10 overall pick, are the only remaining first-round QBs unsigned as training camp season approaches in late July.

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