ATL Standard

FLOWERY BRANCH, Ga. – The Falcons have signed quarterback Michael Penix Jr. to his rookie deal, the organization announced Monday.

Penix's rookie deal is estimated to be $22.8 million in total value, according to OverTheCap.com. He would carry a cap number of $4.16 million in 2024 before topping out in 2027 at $7.2 million.

Michael Penix Jr., the Falcons' No. 8 overall pick in the 2024 NFL Draft, stands at 6-2 and weighs 216 lbs. He played for the University of Washington, where he recorded impressive stats in 2023: 15 starts, 363 completions from 555 pass attempts, a completion percentage of 65.4%, totaling 4,903 passing yards with 36 touchdowns and 11 interceptions.

Penix has received several honors including being named a first-team All-American, two-time second-team All-Pac-12 selection, Comeback Player of the Year in 2022, Maxwell Award winner in 2023, Heisman Trophy finalist, and four-time team captain.

General manager Terry Fontenot expressed enthusiasm about Penix's addition: "Very excited about (the first round of the NFL Draft), about the outcome and being able to add Michael Penix Jr. When you can add a high-caliber player like that, with his intangibles, those tools, he's a winner. Very, very excited. You don't pass up that opportunity."

Fontenot also clarified the current quarterback situation: "Kirk Cousins is our quarterback. We're very excited about Kirk. Very excited about this team. And Michael Penix is - we're talking about the future... But we are very excited about that quarterback room... Kirk is our quarterback but adding Michael Penix is thinking about the future."

Michael Penix Jr., reflecting on his draft experience said: "(Being drafted) was something that I'd been dreaming of since I was a kid... I'm blessed... I had no idea, but I know that everything happens for a reason and I'm super excited to be able to be a part of the organization and I can't wait to go make an impact."

Assistant general manager Kyle Smith commented on their draft strategy: "This is the first year that we were sitting there and staring down the barrel at a player that we think can be that guy."