The club is signing him to a five-year deal worth $24.25 million with $11.5 million guaranteed, a source confirmed to ESPN, keeping one of the NFL's most accurate kickers in Atlanta. NFL Network first reported the deal.
At an average of $4.85 million per year, Koo is the second-highest-paid kicker in the league in average per year, behind just Baltimore's Justin Tucker, who is at $5 million per year, according to Roster Management System.
The 27-year-old, who was born in Seoul but grew up in New Jersey, made 93.1% of his field goal attempts last season, including 4 of 5 from 50 yards or more and three game-winners. A 2020 Pro Bowler, Koo has been with the Falcons for the past three seasons, making 92.6% of his field goals.
He started his career with the Chargers, who cut him after four games. He then went to the short-lived Alliance of American Football before signing with the Falcons.
"He learned about himself, learned about his process and how he goes about the game and the mental aspect and how important it is for him physically," Falcons special teams coordinator Marquice Williams said. "It's shown through his play the last couple of years.
"Ever since he stepped foot in Flowery Branch, he's been consistent and has shown the work that he's put in and how he's producing."