Falcons to pick up star WR's fifth-year option

This will lock London into a $16.82M guarantee for next year. London is eligible for the third-tier wide receiver option, having been a regular in Atlanta but not a Pro Bowler. The former No. 8 overall pick, however, is now an essential piece to the organization’s aim to develop Michael Penix Jr. into a franchise quarterback.

Teams have until 4 p.m. ET on Thursday to decide on options for 2022 first-round picks. Considering the team’s Pitts decision, London never seemed a candidate to see his option declined. Kirk Cousins, with a late-season assist from Penix, helped London post his first 1,000-yard season. He cruised past that benchmark, accumulating 1,271 yards in his third season. This marked a boost from London’s first two years, when he was tethered to Marcus Mariota and Desmond Ridder as his primary QBs.

Part of Terry Fontenot‘s annual commitment to restock the Falcons’ skill positions with top-10 picks, London was the second of those selections. After taking Pitts fourth overall, Fontenot chose London eighth out of USC in 2022. The 6-foot-4 target quickly replaced Calvin Ridley as the Falcons’ No. 1 receiver, arriving as the team’s previous top target had incurred a gambling suspension months before the 2022 draft. London, however, was tied to two run-oriented offenses.

That led to the Falcons’ scrutinized two-QB offseason project last year. While Cousins no longer factors into the Falcons’ plans — barring a season in which the high-priced passer sits behind Penix — London will be tasked with helping the 2024 No. 8 overall pick take steps forward in his first full starter season. 

This is not exactly new territory, as London paired with Ridder after the Falcons anointed the 2022 third-round pick as their 2023 starter after four 2022 starts. Penix showed more promise by comparison in his late-season cameo, pointing London’s arrow up regarding extension value.

London totaled 866 receiving yards as a rookie in a Falcons offense that led the league in rushing attempts; he added 905 in 2023. After scoring six combined touchdowns during his first two seasons, London broke through for nine last year. That season upped London’s extension price, as an exploding receiver market will help his cause there. 

The league now has eight $30M-per-year receivers, and with the cap rising by at least $20M over the past two years, London — who will not turn 24 until July — can make a clear case he deserves to be in that group. Building on last season to accelerate Penix’s development would cement that case.

The Falcons paid Julio Jones before his fifth-year option season, authorizing the since-retired receiver’s first extension just before the 2015 season. While the team bought time by picking up London’s option, his price would stand to rise with another 1,000-yard season. 

The Falcons can enter extension talks with London this offseason, and it will be interesting to see if anything serious develops. While extending first-round receivers a year early simply did not occur in the option era before last year, the Eagles (DeVonta Smith) and Dolphins (Jaylen Waddle) did so. The Falcons would probably be wise to strongly consider making an early strike. No known talks have occurred just yet.