The Saints have almost $30 million in dead money now that the league year has started and nothing can be done about that. They are also only $30 million under the cap, despite needing to sign a bunch of players. Watson alone would be $40 million.
That's not to say it can't be done. Almost any amount of cap can be pushed into the future, but if you're down $30 million in dead money, that's not exactly helping.
Options for Watson are limited because he has the no trade and not many teams can afford him or even have a need for him. That's why his market is limited and weird teams like the Saints and Falcons are in the mix. Falcons would also be crushed with dead money if they moved Ryan, and they would have to obviously. Neither teams can really afford him draft pick or salary cap wise but they will max out their credit cards for him and pray for the best.
Falcons should've traded that #4 pick and rebuilt, they were stubborn and now they're in bad shape. I'm sure Matt Ryan is not happy about this talk either.