Ryan, who will turn 33 on May 17, was entering the final year of a five-year, $103.75 million extension he signed in July 2013.
Minnesota's Kirk Cousins set the previous record for annual salary ($28 million), followed by San Francisco's Jimmy Garoppolo ($27.5 million) and Detroit's Matthew Stafford ($27 million).
Falcons general manager Thomas Dimitroff said signing Ryan to an extension was the team's top offseason priority. Owner Arthur Blank told ESPN that Ryan would be "compensated well'' after being named NFL MVP and helping the Falcons to the Super Bowl during the 2016 season.
Ryan, the No. 3 pick in the 2008 draft out of Boston College, hasn't missed a start since December 2009.
He owns 20 franchise records and has thrown for more than 4,000 yards in each of the past seven seasons. He reached 40,000 career passing yards in an NFL-record 151 games and holds the league mark with a 64-game streak of 200-plus passing yards.
Ryan has completed 3,630 of 5,593 passes (64.9 percent) for 41,796 yards with 260 touchdowns, 126 interceptions, and a passer rating of 93.4 through 158 career games in 10 seasons. His regular-season record is 95-63. Ryan is 4-6 in the playoffs, with two NFC Championship Games and one Super Bowl appearance.