This doesn’t come as a big surprise, as both players were frequently speculated as potential cap cuts this offseason as the Falcons try to free up space to get under the reduced cap.
According to Over The Cap, releasing Allen frees up $6.25 million in cap space with $2.15 million in dead money while cutting Bailey creates $4.5 million in savings and $1.625 million in dead money.
The Falcons officially confirmed the news and announced they have also waived QB Kurt Benkert.
The #Falcons made three roster moves on Thursday:
Released safety Ricardo Allen & defensive end Allen Bailey
— Kelsey Conway (@FalconsKelsey) February 18, 2021
Allen, 29, is a former fifth-round pick of the Falcons back in 2014. He was waived a few months after he was drafted and later signed to the Falcons’ practice squad at the start of the 2014 season.
Allen returned to the Falcons on a one-year exclusive rights contract for a few years and re-signed as a restricted free agent on a one-year tender worth $2.914 million.
The Falcons and Allen later agreed to a three-year, $19.5 million extension in 2018.
In 2020, Allen appeared in 12 games for the Falcons and recorded 25 tackles, two interceptions and five pass defenses.
Bailey, 31, is a former third-round pick of the Chiefs back in 2011. He played out the final year of his five-year, $25.67 million contract before signing a two-year, $10.5 million deal with the Falcons in 2019. He signed a renegotiated contract that included a one-year, $4.5 million extension through 2021.
In 2020, Bailey appeared in all 16 games for the Falcons and recorded 15 tackles and 1.5 sacks.