If the Atlanta Falcons want to recoup something in an offseason trade for Kirk Cousins rather than simply release him after he was benched in favor of Michael Penix Jr., they will have to be willing to eat some of the guaranteed money remaining on his contract.

Per The Athletic’s Jeff Howe, executives and coaches around the NFL believe the Falcons would get at most a day-three pick for Cousins only if they were to pay “a chunk” of Cousins’ $27.5 million guaranteed money in 2025.

“He would have a market,” one executive told Howe of Cousins’ trade value. “However, the contract is what will hold it back. The compensation would depend on how much Atlanta would eat or if he would rework the contract.”

Howe noted the more-likely scenario is teams just wait for Cousins to be released before trying to sign him without having to give anything back to Atlanta.

There’s very little doubt that Cousins’ tenure with the Falcons will end after just one season. The team is expected to make a decision to either trade or release him before March 17 when a $10 million roster bonus on his contract kicks in, per ESPN’s Adam Schefter.

Even assuming the Falcons would be willing to pay some portion of Cousins’ guaranteed money, a trade is also complicated because his contract has a full no-trade clause. So they need to find a team willing to potentially give up something of value in return that Cousins would also want to play for.

Yahoo Sports’ Jori Epstein cited the Las Vegas Raiders, Tennessee Titans, New York Jets and New York Giants as potential landing spots because all of those teams currently need a quarterback capable of starting in 2025.

The San Francisco 49ers and Minnesota Vikings were listed as dark-horse landing spots for Cousins. San Francisco stands out because Kyle Shanahan was Cousins’ offensive coordinator for two seasons in Washington.

Shanahan even tried to trade for Cousins when he was initially hired as 49ers head coach in 2017. Minnesota’s situation is fascinating because the team is currently tied for the best record in the NFC with Sam Darnold at quarterback, but he’s set to become a free agent after this season and J.J. McCarthy was drafted with the 10th overall pick in April.

Cousins, who spent six seasons with the Vikings from 2018 to ’23, knows head coach Kevin O’Connell’s system. He would also give them some assurances if Darnold doesn’t return and the coaching staff doesn’t think McCarthy is ready to handle the starting job.

Another thing complicating all of this is how poorly Cousins was playing prior to being benched by the Falcons. He had one touchdown and nine interceptions in five games from Weeks 10 to 15.

Cousins’ 16 interceptions this season are the most in the NFL and two more than he had ever thrown in a single season in his career.