The Indianapolis Colts are set to release quarterback Matt Ryan, NFL Network's Ian Rapoport reported on Tuesday.
The move comes after the four-time Pro Bowler spent one season with the club after being traded from the Atlanta Falcons last off season.
With the Colts, Ryan threw for 3,057 yards and 14 touchdowns and executed 13 interceptions. The team went 4-7-1 in the games the 37-year-old signal caller started in.
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Whether Ryan actually decides to play or retire is unknown, but he is entitled to $12 million -- part of his contract with the Colts in 2023 -- no matter which way he decides to go.
Releasing Ryan and trading CB Stephon Gilmore will save the Colts $27.1 million in cap space for the season.