NFL waiver priority favors the Falcons this year, as they had the 6th worst record in the league last year. Ultimately, that means they get the 6th waiver number. So when cut players hit the wire at noon tomorrow, the Falcons will be looking to add some talent to their 53 man roster.
Let's break down how this will work. Any vested veterans can immediately become free agents; everybody else hits the waiver wire. To be a "vested veteran," you need 4 years of accrued NFL experience. A year of "accrued NFL experience" is a year in which you spend at least 6 games on an NFL team's 53 man roster. If you're on the waiver wire for 24 hours, then you automatically become a free agent. In short, the Falcons waiver selections will happen by Monday at noon at the latest. You may see them agent a free agent or two after that.
So how do the Falcons approach this? To be frank, we're talking about how they fill out the tail end of their roster. These probably aren't make-or-break moves for them. If anything, I'd like to see them look for some defensive depth, which is something the Falcons could sorely use.