To better understand the role of atmospheric CO2 in the global carbon cycle, it is important to understand the factors that control its variability in time and space. Here we investigate these factors using a coupled land-atmosphere modeling system (the NASA GEOS-5 model) fitted with land carbon physics and atmospheric CO2 transport. To separate the influences of land carbon flux variability and atmospheric transport variability on the variability of CO2 concentrations, we conducted two carbon-fitted GEOS-5 AGCM simulations run in replay mode (a technique that guides the model's weather to match that of the MERRA-2 reanalysis): (i) a control simulation of 15-year carbon cycle dynamics and climate, and (ii) a simulation in which the climatological seasonal cycles of net biosphere production (NBP), as determined from diagnostics produced in the control experiment, are applied at the surface to the atmosphere instead. The impact of land flux variability on atmospheric CO2 variability is then isolated by subtracting the variability inherent in the second simulation (as induced, e.g., by strong El Nino conditions) from that in the control. These results are also presented in the context of supplemental simulations that have examined the impact of imposed drought in a free running AGCM simulation on carbon fluxes and atmospheric CO2 variability.