The Falcons hired a new General Manager last month and Terry Fontenot is at work on shaping his first roster in Atlanta.
Allen joined the team as a fifth-round pick in 2014 and was set to make a base salary of $6.25 million in 2021. The Falcons will clear all of that cap space, but they’ll still have a little over $2.1 million in dead money.
He had 25 tackles and two interceptions in 12 starts last season.
Bailey spent the last two seasons with Atlanta. He had 41 tackles and 2.5 sacks in 31 appearances.
The Falcons clear another $4.5 million in cap space and add $1.625 million in dead money with the Bailey move.