Ravens have busy first day of Free Agency

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Yesterday was a busy day for the Ravens, albeit, with mixed results.  The Ravens did get a lot of work done in shaping their roster and getting their Salary Cap in order, but they lost out on their No. 1 target, when linebacker Dannell Ellerbe signed a 5-year, $35M contract to join the Miami Dolphins.

While that contract was certainly more than the Ravens were willing to spend – and a somewhat shocking amount for a player with less than a season’s worth of starts over his 4 NFL seasons – it doesn’t change the fact that Ellerbe’s departure leaves a huge hole in the middle of the Ravens’ defense.

Several hours later, though, the Ravens did make a move to bolster their defense by signing former New York Giants’ Defensive Lineman Chris Canty, to a 3-year, $8M contract, which included a signing bonus of $2M.  Canty, who was released by the Giants last week, should be a solid addition to the line and hopefully provide the consistency that has been lacking since last offseason’s defection of Cory Redding to the Colts.

Based on the contract details reported by Aaron Wilson of The Baltimore Sun, Canty’s contract breakdown is as follows:

 

OTHER SIGINGS:

The Ravens also re-signed four players, three of whom were pending Restricted Free Agents (RFA) to contracts for 2013.  The signings of the pending RFAs allowed the team to avoid having to use the low RFA tender of $1.323M on each player and lessened the Salary Cap impact of the player’s spot on the roster.

Again, based on the contract details reported by Aaron Wilson, those contracts breakdown as follows:

David Reed:  Wide Receiver David Reed reportedly signed a 2-year, $2.5M contract with a $500K Signing Bonus.  Based on the base salaries as listed on the NFLPA website, it would appear that there is an additional $640K in incentives or escalators involved in the deal.

Reed’s Salary Cap charges are as follows:

With Reed’s 2013 Cap number now set at $880K, the Ravens were able to save $443K versus what Reed would have cost under the lowest RFA tender ($1.323M). 

Morgan Cox:  Long Snapper Morgan Cox reportedly signed a 2-year, $1.61M contract with a $250K Signing Bonus.

Cox’s Salary Cap charges are as follows:

With Cox’s 2013 Cap number now set at $880K, the Ravens were able to save $568K versus what Cox would have cost under the lowest RFA tender ($1.323M).

Ramon Harewood:  Reports are that Offensive Lineman Ramon Harewood has signed a one-year deal to remain with the Ravens.  So far, no details of the deal have been disclosed, but it’s likely that Harewood received a 2013 base salary of $630K and a small Signing Bonus.  As with Reed and Cox, the Ravens will have saved Salary Cap space by signing Harewood to this lesser deal.

James Ihedigbo:  Safety James Ihedigbo was an Unrestricted Free Agent who was re-signed to a one-year deal.  No details of his contract have yet to be disclosed, but given his back-up status, it is likely that Ihedigbo was signed under the Minimum Salary Benefit rule.  This rule was created to benefit veteran players by reducing the Salary Cap impact of their higher minimum base salaries, as opposed to the lower salaries of younger players.  Under the MBS, Ihedigbo’s base salary of $715K will only count $555K against the Cap, plus whatever small (up to $65K) Signing Bonus he may have received.

PRESENT SALARY CAP STATUS:

With the above players re-signed and all of the other RFAs and ERFAs now tendered, the Ravens currently have 64 players under contract or tendered.

Under the Rule of 51, which governs the Salary Cap at this time of the year, the Ravens currently have approximately $9M in available Salary Cap space.  This number is still subject to the incentive carryover from 2012, a number that hasn’t yet been publicly disclosed.  This adjustment could end up creating additional Cap space or could negate some of the present Cap Space, but it is not anticipated to make a sizeable difference in whichever direction.

CLICK HERE TO SEE A SPREADSHEET OF THE RAVENS CURRENT SALARY CAP SITUATION

10 Raves on “Ravens have busy first day of Free Agency

  1. RayG on said:

    Haven’t heard anything about Vonte Leach could this mean we are going to keep him. Pollard being cut further weakens our secondary. Ozzie my friend you better have one hell of a plan.

  2. Raleigh on said:

    nice write up, I am assuming that the ~$9 mil in cap space we have available does not include the 6 million in savings from trading Boldin, because trade has not be finalized

  3. Steelers guy on said:

    As a Steelers fan, I love this! The Steelers are going to destroy the Ravens next year because of all these stupid moves …. keep it up ;we love it here in Pittsburgh!

  4. billy on said:

    Harbs wants control of the locker room so everyone must leave!!! That’s why Harbs dumped Pollard because he feels he runs his mouth to much … to vocal…. to much of a leader …. and Harbs can’t have that, so he blows up the team , Ozzy goes along with it , and Steve well .. he can still raise prices on tickets, get a bunch of new young cheap players ” KACHANG” , and run up the old bank account. He knows all the Kool Aid drinkers in Baltimore would go see the Ravens play even if they have no wins. A win win for him, but you won’t see too many win wins next year in Ravens land or the year after with this bunch. Alabama will have a better defense then the Ravens next year. The destruction is unbelievable!

    • Ryan on said:

      Wow you are delusional and havw zero understanding of how the business side of football works. I’m embarrassed for you.

  5. rick garrett on said:

    cant believe all the super bowl playmakers are gone and resigning all the bums like d.reed???? I guess winning next season is a priority to oz??? wth are they thinking? now they talkin bout e.reed goin to Texans? whos next? cant win with what d we have now??? ill always be a fan but tyruly notttt happy at all with their decisions

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