Tony Gonzalez is coming back. You heard it here 107th.
This is obviously good news for the Falcons, even if you think Gonzo fell off somewhat in 2010—which he did. The days of Gonzalez dominating defenses are all but over, but he's still a sure-handed possession receiver on a team that needs as many of those as it can get. Age has taken his luster but not his usefulness.
Without him, the Falcons would have to invest in a tight end in the draft, because in my opinion Justin Peelle and Michael Palmer are not so good that the Falcons would let them go into the season 1-2 on the depth chart. Marquez Branson is a prospect with a ton of upside, but there's no guarantee he'll even make the final roster.
With Tony returning, he's all but a lock to start again. If the team does draft a project at tight end, they could elect to send Peelle or Palmer packing. They could also do that if they want to see what Branson can offer them, and I'd prefer the team roll with two young tight ends than with Peelle, who's perfectly capable but nothing spectacular.
Whatever they decide to do, the return of Gonzo ought to have a stabilizing effect on the depth chart. It's one position the Falcons don't have to break the bank on this off-season, and it's one more shot for Tony G to win a title. I think we can agree that's a good outcome.