Godfrey was released by the Falcons on Tuesday.

Released by the Panthers midway through last season, Godfrey caught on in Atlanta as a backup safety. If he finds work elsewhere, he'll likely start at the bottom of the depth chart.

The Falcons have signed Godfrey to a contract extension, the Atlanta Journal-Constitution reports.

Godfrey, who played in five games with the Falcons and seven games with the Panthers last season, recording a total of 19 tackles, is off the IDP radar, but retaining the 29-year-old free safety boosts the team's secondary depth in advance of the 2015 season.

Godfrey tallied 14 tackles in seven games with the Falcons in 2014.

Godfrey landed with the Falcons after being released by the Panthers in the middle of the season. He saw limited action in the second half of the season and will likely look for a new home as an unrestricted free agent this offseason.

Godfrey agreed to a contract with the Falcons on Tuesday, the Atlanta Journal-Constitution reports.

Godfrey played seven seasons with the Panthers before being released Oct. 21. He started just one game for the Panthers this season, but he could see immediate action for a Falcons team that has struggled to defend the deep ball.

Godfrey will be released by the Panthers on Tuesday, ESPN reports.

Godfrey has spent his entire seven-year career with the Panthers, but upon tearing his Achilles in Week 2 of last season, the veteran has been reduced to a reserve role. In fact, Godfrey was moved from free safety to the Panthers' nickel cornerback position this offseason, only to have rookie fifth-rounder Bene Benwikere displace him on the depth chart in advance of Week 1. With his time in Carolina now over, the 28-year-old Godfrey should garner a decent amount of interest on the free agent market.

Godfrey played in Sunday's second preseason game and made three tackles (two solo) versus Kansas City.

Godfrey sat out Carolina's opener with a sore Achilles, but returned to action Sunday in his new nickel cornerback role. The converted safety played cornerback in college, but showed clear signs of rust in his first NFL game at the position Sunday. As such, Godfrey could use the Panthers' final two exhibition outings to gain valuable experience in his new role before the regular season kicks off.

Godfrey missed practice Saturday due to a sore Achilles, Joseph Person of the Charlotte Observer reports.

The Panthers have not provided further details beyond that, so Godfrey is considered day-to-day for now.

Rookie CB Bene Benwikere and former safety Charles Godfrey will compete for the slot corner duties in Carolina.

Godfrey is being moved to corner full time this season and will compete for an every-down role. Short of that, Godfrey will be expected to man the slot in nickel packages. He could get a run for his money from fifth-rounder Benwikere. Benwikere ran a slow 40 at the Combine but show impressive burst with a 40+ inch vertical jump and a 10-foot-2 broad jump. Both players should see defensive snaps this season.

Panthers GM Dave Gettleman said the team is moving Charles Godfrey to cornerback full-time.

Godfrey took a $4.25 million pay cut last week to keep his roster spot, and he's now going to be asked to cover the slot for the Panthers. Thomas DeCoud will handle free safety, while Roman Harper holds down the strong safety spot. Godfrey started 20-plus college games at corner for Iowa in the mid-2000s.

Panthers FS Charles Godfrey has agreed to a pay cut.

Godfrey's base salary has been slashed from $5 million to $750,000. He can earn $1.7 million of it back via per-game roster bonuses. The move creates over $4 million in cap room for the cap-strapped Panthers. Godfrey is coming off a torn Achilles' and is expected to handle free safety and nickel corner duties.

The Panthers are expected to use FS Charles Godfrey as a slot corner in Nickel packages.

Godfrey should open the season as the Panthers' starting free safety and will replace Captain Munnerlyn as the nickel back in sub-packages. He's currently set to count $7.1 million against the cap and is a candidate to restructure coming off an Achilles injury. Godfrey is unlikely to be a cap casualty because releasing him would leave $5 million in dead money. His status for OTAs remains questionable.

Panthers GM Dave Gettleman was noncommittal on the status of FS Charles Godfrey's future with the team.

Gettleman said Godfrey, who tore his Achilles' in Week 2, has to get healthy first. He's currently counting $7.1 million against the cap, while releasing him would leave $5 million in dead money. If the Panthers add a safety in May's draft, they could skate by with a rookie and Roman Harper on the back end. The more likely scenario would be to try and get Godfrey to take a pay cut.

ESPN Panthers Blogger David Newton considers FS Charles Godfrey a candidate to restructure his contract.

Godfrey appeared in just two games last season due to an Achilles injury and is set to count $7.1 million against the cap in 2014. Releasing Godfrey would leave $5 million in dead money, so the Panthers will almost certainly ask him to renegotiate or take a pay cut. With FS Mike Mitchell an impending free agent, Carolina's best option could be to bring back Godfrey on a restructured contract. Godfrey is signed through 2016, so the Panthers would save $2.1 million and free up future cap space by cutting him this offseason.

Panthers FS Charles Godfrey has a 2014 cap number of $7.1 million.

Godfrey tore his Achilles' tendon in Week 2 and was subsequently placed on injured reserve. Mike Mitchell stepped in at free safety and proceeded to post a career year while picking off four passes. The problem with simply moving on from Godfrey is that he'd leave $5 million in dead money behind and Mitchell is an unrestricted free agent. It's a tricky call for the Panthers, who could end up asking Godfrey to renegotiate.

Panthers placed FS Charles Godfrey on injured reserve with a torn right Achilles' tendon, ending his season.

Godfrey suffered the torn Achilles during Sunday's Week 2 loss to the Bills. The Panthers are dealing with multiple injuries in the secondary, with Josh Norman (knee), Quintin Mikell (ankle), and Josh Thomas (concussion) all looking doubtful for Week 3. Mike Mitchell is a candidate to be moved over to free safety. Godfrey has a $5 million base salary in 2014 and will likely be asked to renegotiate in the offseason.

Panthers FS Charles Godfrey (Achilles') is out for the season.

Godfrey tore his right Achilles' tendon during Sunday's loss to the Bills. The injury costs the Panthers their most productive member of the secondary and its leader. They'll now have to roll with some combination of D.J. Moore or Colin Jones next to Mike Mitchell. Quintin Mikell is nursing an ankle injury. Due $5 million in 2014 base salary, Godfrey will be a renegotiation candidate.

The Charlotte Observer reports Panthers FS Charles Godfrey's Achilles' injury is likely season ending.

Two teammates in the locker room following Sunday's loss to Buffalo said they believed Godfrey -- the leader and veteran of Carolina's secondary -- would be lost for the season. Godfrey suffered the injury in the third quarter on a pass breakup of a would-be touchdown to Stevie Johnson. The Panthers are going to have to resume scrambling at safety, where they've already been mixing and matching Mike Mitchell and Quintin Mikell on the strong side.

Panthers FS Charles Godfrey left Sunday's Week 2 game against the Bills with a right ankle injury.

Godfrey had to be carted off the field after injuring his ankle on a pass breakup in the end-zone. He's out for the remainder of the game and could be looking at missing multiple weeks.

Panthers FS Charles Godfrey is the only member of Carolina's secondary locked into a 2013 starting job.

Strong safety is up for grabs between Mike Mitchell, D.J. Campbell, and UDFA Robert Lester, while both cornerback positions are wide open between as many as six competitors. Godfrey, 27, will attempt to provide a stabilizing in what projects as one of the league's shakiest defensive back fours.

Panthers declared SS Charles Godfrey, WR Seyi Ajirotutu, C Jeff Byers, QB Jimmy Clausen, LB Omar Gaither, K Adi Kunalic and DE Eric Norwood inactive for Week 16 against the Buccaneers.