Vaughn McClure's hunches and reports tend to be pretty spot-on, so I'm regarding this one with interest.
A general note before we dive in on each player: This is readily identifiable as a Falcons free agency wishlist. You have one good-to-great player who will command a big contract, a couple of decent veterans who fill needs, and a backup whose name you recognize. Let's run it through.,
He would be the crown jewel of this list, and with good reason. Trevathan is a sure-tackling, well-rounded middle linebacker who would be a massive upgrade over what Atlanta's been trotting out there for the last several years. It's fair to wonder whether he'll be as good when he's not in Denver on that stellar defense, but there's no question he'd immediately become one of the four or so best guys on the Falcons' defense. I hope Atlanta can land him.
I've chronicled my thoughts on Sanu here. He'd be an upgrade for the team's receiving corps, but he's not a terrific player, he would be a so-so #2 for Atlanta, and he doesn't offer the kind of speed and playmaking ability Atlanta's supposed to be looking for. He is an asset as a pretty sure-handed option and as McClure notes, he could do some interesting things on gadget plays as a quarterback, but consider me underwhelmed if this is the Falcons' idea of upgrading at receiver.
Benjamin is a big play guy who has strung together two quality seasons, averaging over 15 yards per reception on 86 grabs in 2014 and 2015. He doesn't have a long track record of success and isn't going to be a huge red zone asset, but he has some experience returning kicks and can take the top off a defense. I'd be higher on him in Atlanta than Sanu.
We'd all prefer George Iloka, but he may not make it out of Cincinnati and certainly will be more expensive. If the Falcons like Robenson Therezie as much as i think they do, Nelson is a sensible stopgap, and he's also a damn fine player. He had eight interceptions last year, has a long track record as a ballhawk, and has played well at the back end of Cincinnati's secondary for a long time. The only real knocks on him are foot speed and age (he'll be 33 at the beginning of the season), so a two year deal might make a ton of sense if he's interested.
I would hate this move. Schaub is now 34 years old, hasn't been a quality quarterback since 2012, and has spent most of his playing time over the last three seasons stinking out loud. The Falcons are going to shop around for an upgrade at backup quarterback, but I don't think Schaub can be or should be it.
Ultimately, this would be an underwhelming class if the Falcons wound up with just Trevathan, Sanu, Nelson, and Schaub, but I doubt that'll be all we see from the team. Getting Trevathan and Nelson would give the Falcons legitimate upgrades at two positions, at least, which is a decent start for a team that needs a lot of upgrades.