The team just slapped a first rounder tender on Grimes, meaning that once free agency actually starts, any team that wants to sign him would have to pony up a first round pick to do so, if the Falcons were willing to let him go. They're not showing any signs of that with Grimes, who in three full seasons and a slice of another has piled up 12 picks and 42 passes defensed.
The best news? Unlike most of the tenders floating around out there right now, this one should stick when a new collective bargaining agreement emerges from the verbfight the NFL and NFLPA are currently locked into. Grimes only played two games his first year in the league, and it's expected that you'll need four full seasons to become an unrestricted free agent.
The upshot is that the Falcons are not going to let Grimes walk, and are probably intent on negotiating a long-term deal with him right now. If a team really wants him, the Falcons will have the option of grabbing a first round in exchange for him, though I think they'll stick with Grimey. This is great news.