Baker, an offensive tackle from USC, came to an agreement Friday evening, shortly his father, David Baker, announced his resignation as commissioner of the Arena Football League. Terms of the deal were not immediately available.
The 6-foot-5, 309-pound Baker was the second of Atlanta's first-round picks, taken at No. 21 overall. Quarterback Matt Ryan was Atlanta's top pick at No. 3.
Lofton, a linebacker from Oklahoma, signed a four-year deal.
In other moves on the eve of training camp, the Falcons signed offensive lineman Michael Butterworth, linebacker Coy Wire and cornerback Blue Adams. They also placed defensive tackle Trey Lewis on the active/non-football injury list, put offensive tackle Renardo Foster on the active/physically unable to perform list, waived-injured offensive lineman Pat McCoy, reached an injury settlement with linebacker Travis Williams, and waived cornerback Glenn Sharpe.