Cousins has to agree to the trade due to having a NTC. Which he probably won't accept because then it won't allow him to specifically decide where to go.
If he is on the roster March 17th, he gets a 10mil roster bonus for the 2026 season. So whoever trades for him is going to sign up for the 27.5mil for 2025 and 10mil for 2026. In QB world that is not alot of money for a starter.
They could also keep him on the roster for 2025 as a backup. But then they are on the hook for an additional 10mil due to the roster bonus for 2026. Then they could cut him and designate him as a post June 1st (Each team gets two of those a year) before 2026. That would leave them with a 17.5mil cap hit for 2026 and 17.5mil cap hit for 2027.
If they go the Russell Wilson route and cut him and designate him as a Post June 1st cut, he will cost 40mil for 2025 and 25mil for 2026.
The other issue in this is, who actually would want Cousins even at his 27,5mil caphit if they traded for him. Looking at the teams that could maybe be interested in him as a starter.....Jets, Browns, Titans, Raiders, Giants, Saints.......That's it.
If the Standings stay the same, the Raiders and Giants are going to draft a QB. And the Giants already have a huge cap charge with Jones. The Jets and Browns have cap hell with their two starters. That leaves the Titans, looks like they have benched Levis. And the Saints...who will have a cap hell with Carr and may just want to suck for 2025 to choose a new QB for 2026.
I think the Falcons cut him as a post June 1st designation because nobody wants to trade for him. He hasn't been good this season and is old. He will have to go the Russell Wilson route and I could see him signing in Cleveland or the Jets.
For a team like Titans, I can see them going with Darnold or maybe even Fields.
IMO, Cousins is going to have to decide whether he wants to play for a reduced rate, 10mil or under or just retire.