Deshaun Watson might not be coming to the Atlanta Falcons, but that doesn't mean Matt Ryan is staying.

The Indianapolis Colts have acquired the four-time Pro Bowl quarterback from the Falcons in exchange for a third-round pick, reports NFL Network's Ian Rapoport.

Statistically the greatest QB in Falcons history, the team and the 36-year-old pivot agreed to defer a $7.5 million bonus that was due this past Friday to Tuesday in order to help facilitate a potential Watson trade that did not come to fruition when Watson was dealt to the Cleveland Browns on Friday.

Taken with the third-overall pick of the 2008 NFL Draft out of Boston College, Ryan now holds the Falcons records for most wins, passing yards, completions and passing TDs among others.

The Offensive Rookie of the Year in 2008, Ryan was named NFL Most Valuable Player in 2016 after a season in which he threw for 4,944 yards on 373-for-534 passing with 38 TDs to seven picks. As starter, Ryan led the Falcons to the playoffs on six occasions, including reaching Super Bowl LI in 2017 where the team experienced a heartbreaking collapse after leading 28-3 in a 34-28 loss to the New England Patriots.

For his career, Ryan has thrown for 59,735 yards on 5,242-for-8,003 passing with 367 TDs and 170 interceptions.

Ryan is set to replace Carson Wentz, who was traded to the Washington Commanders last week after only one season with the Colts.