The Falcons and Jaguars finalized the compensation for the trade that sent Calvin Ridley to Jacksonville on Wednesday, as Atlanta acquired the No. 79 overall pick in next month's NFL draft.

The Jaguars would have sent their second-round pick (No. 48 overall) to Atlanta had Ridley signed a contract extension before the start of the 2024 NFL league year. Ridley is a free agent and can re-sign with Jacksonville without any additional compensation going to the Falcons.

The Jaguars and New England Patriots are widely considered the final suitors to land Ridley, according to NFL insider Jordan Schultz.

Ridley, who missed the entire 2022 season while serving a gambling suspension, recorded 76 receptions for 1,016 yards and eight touchdowns in his first season with the Jaguars. He recorded five 100-yard games but also had eight games with less than 40 yards.

The veteran's next team—whether it's Jacksonville, New England or another darkhorse suitor—will hope a full year of reps will help Ridley get back to Pro Bowl-caliber performance. He was a second-team All-Pro in 2020 before a combination of mental health issues and the gambling suspension cost him most of the following two seasons.

The Falcons have not had a wideout top 1,000 receiving yards since Ridley's 1,374-yard season in 2020.