7 ways the Ravens could create extra cap space this offseason
4. The Ravens could extend Marcus Peters
General manager Eric DeCosta seemingly put to bed any trade/cut rumors surrounding Marcus Peters when he spoke to the media last week. It seems as though Peters will be staying in Baltimore.
But that doesn’t mean the Ravens can’t still look to cut his cap hit. Peters is due to make $15.5 million in 2022, but the Ravens could significantly decrease that number by extending him.
It’s a tricky situation seeing as the 29-year-old is coming off a major knee injury, but extending him would allow the Ravens to turn most of that base salary into a signing bonus, thus reducing his cap hit.
Peters’ contract is one of the most flexible on the roster so expect the Ravens to explore working with it to reduce their cap figure.
3. The Ravens could extend Lamar Jackson
Lamar Jackson’s fifth-year option is set to kick in this upcoming season which should raise his cap hit to the highest on the roster at over $23 million. But the Ravens will have the opportunity to shrink that number.
Extending Jackson would have the same effect as extending Peters. They would be able to convert most of his 2022 base salary into a signing bonus and cut his cap hit significantly, perhaps in half or even more.
This is the single greatest way the Ravens can save money, unfortunately, there’s no indication that the two sides are anywhere close to agreeing on an extension.
The Ravens have promised to “go at Lamar’s pace,” but it’s in the best interest of both parties to get a deal done soon, preferably within the next month.