He's certainly capable of making a large splash with his return in 2014. Having a proven Quarterback like Matt Ryan definitely helps that cause. Since his injury occurred in week 5 and the Falcons seem to be throwing pillows on the ground that he walks upon, I'm not at all skeptic that his recovery is going beyond well and he'll be at full health week 1 (maybe even better, he was coming off a broken foot his rookie year as well)
The void that Tony G left on this offense will need to be filled by our rec. corp. of which Julio is the prized possession. I assume his catch total will increase, and (hopefully) with stability at Offensive line, the potential for downfield plays and big time screens increases as well. If Julio can maximize his opportunities, which his track record indicates he can, he may shatter all his previous regular season marks.
Now for the competition. RG three sticks is probably the favorite to win this honor with a revamped offense and scheme change. I have no doubt RGIII will have a good year with Jay Gruden so he'll probably be the fiercest contender battling for the title. Other names worth mentioning are Von Miller, Gronk, and Percy Harvin.