Penix is signed to a 4-year $160 million dollar deal. The Falcons will only pay Tagovailoa the league minimum for his 1-year deal because the Dolphins are still on the hook for the rest of his $54 million guaranteed salary for the coming season.

Falcons General Manager Ian Cunningham said that Tua Tagovailoa and Michael Penix will compete for the starting quarterback job once Penix is cleared to return from his torn ACL.