The transactions are considered a mere formality as each player had made it clear during their respective retirement announcements that their football days were definitely behind them. This move finalizes those intentions with the league office.
It’s believed that Ogden’s retirement last week created an additional $2.5 million in salary-cap room.
Since McNair was also a post June 1 retirement, the Ravens are expected to receive an additional $4 million in salary-cap space this year. However, they will be forced to carry $4.9 million in dead money against the 2009 salary cap, according to the league’s collective bargaining agreement.
McNair’s original salary-cap figure for this year was $6.45 million. That includes his $4 million scheduled base salary and a prorated $2.45 million of his signing bonus. Now, the team doesn’t owe the $4 million, but still has to account for the remaining dead money.
Between the two retirements, the Ravens gained $6.5 million against the cap for this fiscal year.
However, the Ravens lose a combined 15 Pro Bowl appearances, the inaugural draft pick in franchise history in Ogden, who’s considered a lock for future induction into the Pro Football Hall of Fame, as well as the former Co NFL MVP quarterback who led Baltimore to a franchise-record 13-3 campaign two seasons ago.
NOTE: The Ravens announced their training camp schedule with rookies, quarterbacks and injured veterans reporting July 21 to McDaniel College. They are scheduled to practice twice a day for 14 of the first 16 days of camp, which is scheduled to break Aug. 15.