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The Falcons have agreed to terms with quarterback Matt Ryan on a five-year contract extension worth a reported $150 million with $100 million guaranteed. The new deal runs through the 2023 season and will make Ryan the first player to average at least $30 million per year.

That surpasses the three-year, $84 million deal (all guaranteed) Kirk Cousins just got from the Vikings.

The six-year, $103.75 million contract signed by Ryan in the summer of 2013 was due to expire after the upcoming season. As NFL.com's Chris Wesseling noted, the lack of an extension kept them from doing much in free agency earlier this offseason. But once Cousins set the market at $84 million in guarantees, both Ryan and Aaron Rodgers were fully expected to break the bank with their own mega deals.

Now that Atlanta's 2016 MVP has signed, it's only a matter of time before Green Bay's two-time MVP earns the distinction of highest-paid.

Ryan, 32, holds the franchise record in nearly every major passing category, throwing for 41,796 yards with 260 touchdowns and 126 interceptions. No quarterback in history has passed for more yards over his first 10 seasons. Since the former Boston College star entered the league in 2008, only the Patriots, Steelers and Packers have exceeded the Falcons' 95 victories.

Wesseling went on to remind readers that at his peak under masterful play-caller Kyle Shanahan in 2016, Ryan recorded one of the finest quarterback seasons in modern NFL history while leading the Falcons to their second Super Bowl appearance.

Under Shanahan's replacement, Steve Sarkisian in 2017, Ryan's numbers across the board dropped. He completed 342-of-529 passes (64.7 percent) for 4,095 yards, 20 touchdowns and 12 interceptions. Ryan threw 18 fewer touchdown passes and five interceptions more than in 2016. His 20 touchdown passes were his lowest since he tossed 16 as a rookie in 2008. His passer rating went from 117.1 to 91.4. The team averaged 51 yards fewer per game.

His increase in interceptions was directly attributed to seven dropped or tipped passes. With shaky play from guards Wes Schweitzer and Ben Garland, Ryan rarely had a firm pocket from which to work from. In addition, Julio Jones never became the force in the red zone that Sarkisian said he would.

Still, Ryan's offense still finished second only to the Patriots in yards per drive and Football Outsiders' Drive Success Rate metric.

As Wesseling summed up, with a year under his belt in Sarkisian's system and newcomers such as first-round wideout Calvin Ridley added to his arsenal, Ryan is poised for another run at the NFL's No. 1 offense. He's certainly being paid to do so.

The good news, of course, is the less-than-expected output last season will allow fantasy owners to draft him at a more favorable price -- something worth keeping in mind in current best-ball drafts, where Ryan is currently the 18th QB coming off the board.