The Falcons will designate Schraeder’s release with a post-June 1 designation. The move frees up $6.45 million in cap space while creating a dead money hit of $1.3 million according to Over The Cap.
The writing has been on the wall for Schraeder after the Falcons signed Ty Sambrailo to a three-year extension worth up to $18 million.
Even so, it would not be surprising to see Schraeder have a market develop for his services in the coming days.
Schraeder, 30, signed on with the Falcons as undrafted free agent out of Valdosta State back in 2013. He played out his three-year, $1,487,000 rookie contract with the team before Atlanta used a second-round restricted tender in 2016.
Schraeder was headed towards becoming an unrestricted free agent when the Falcons signed him to a five-year, $32 million extension that included $7.5 million guaranteed in 2016.
In 2018, Schraeder appeared in all 16 games for the Falcons.