It is a possibility that he is being signed to replace Mike Peterson as the veteran backup LB for the team, or this could mean a more serious note in that it might mean that the team either no longer wishes to pursue Lofton or this may be some kind of leverage move directed at Lofton.
It has been noted that Mike Nolan doesn't think Lofton is an every-down linebacker, which some of us might've considered blasphemy until we took a closer look at The Police's full body of work.
To provide a bit of a counterargument to the whole "Pro Bowl" argument, I think Lofton's been screwed out of at least one Pro Bowl, so really, take those with a grain of salt. Tatupu could be somewhat of a diamond in the rough for the Falcons if he can stay relatively healthy and contribute on defense. He's a bit up there in age, but LBs can play into their 30s and play effectively in the right system.
So there you have it, the first somewhat-major signing for the Falcons. What does this mean for Lofton?