The Baltimore Ravens are going to need to find ways to create additional cap space this offseason. Currently sitting at a projected $14 million in cap space, that figure will likely drop close to $7 million once RFA signings and draft picks are taken into account.
With numerous key pending free agents and other holes to fill, the Ravens will need a bit more money to play with this offseason. Fortunately, there are quite a few ways the team will be able to save money.
From releases to extensions to restructures, expect general manager Eric DeCosta to be busy over the coming weeks/months as the Ravens prepare for an eventful offseason.
Let’s take a look at seven realistic ways the Ravens could create extra cap space.
7. The Ravens could release Tavon Young
Of the potential options on this list, this one is the least ideal. Tavon Young finally put together a full, healthy season in 2021 — in a year where seemingly all of his teammates got injured.
Young is a good player and an important part of the Ravens’ secondary, but he’s set to carry a $9.18 cap hit in 2022, the seventh-highest on the roster. The Ravens could release him and save nearly $6 million with a dead cap charge of $3.38 million.
The Ravens want to keep Young, but his price tag might be a little steep for their liking. Releasing him would nearly double their available cap space at the moment which presents an intriguing option.
Still, given that other key members of their secondary are set to hit free agency, the Ravens will likely do what they can to keep Young.
6. The Ravens could release Sam Koch
This isn’t the first time that releasing Sam Koch has been presented as a possible way to save money. But this year, the Ravens might not have a choice.
Koch’s cap hit in 2022 is projected to be $3.15, but releasing him could carry a dead cap hit of just $1.05 giving the team a total savings of $2.1 million. That’s not an insignificant chunk of money.
We saw last offseason that the Ravens aren’t opposed to making changes to their special-teams unit following the departure of longtime long snapper Morgan Cox.
One scenario could see Koch released only to be brought back at a cheaper price — perhaps the league minimum. Either way, this is one feasible way for the Ravens to create cap space.
5. The Ravens could release Miles Boykin
It’s rare to see a player still on his rookie contract proposed as a possible cap casualty. But with Miles Boykin set to make roughly $2.75 million in 2022 with a dead cap hit of just $214,000, releasing him does make some sense.
Boykin has largely underwhelmed during his time in Baltimore. He failed to maximize his opportunities as a starter and has seemingly been relegated to the role of WR5 or WR6.
The coaching staff likes Boykin’s special-teams contributions and blocking ability, but he offers little upside as a receiver at this stage. And in reality, nearly $3 million is a little pricey for a WR5/WR6.
The Ravens could keep him around until training camp, but if they need money, cutting Boykin would do the trick.
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.
2. The Ravens could restructure Marlon Humphrey’s contract
Marcus Peters isn’t the only star cornerback on the roster with a flexible contract. Obviously Marlon Humphrey isn’t going anywhere, but his contract could present an opportunity for the Ravens to create some extra cap space.
Humphrey’s $17.45 million cap hit is projected to be the third-highest on the roster behind just Lamar Jackson and Ronnie Stanley. However, the Ravens could reduce that cap hit dramatically.
Ravens cap expert Brian McFarland of Russell Street Report recently detailed how Baltimore could reduce Humphrey’s $10 million base salary significantly, possibly even down to the league minimum ($1.035 million), with the difference being paid as a signing bonus.
That bonus would then prorate over the next five years freeing up over $7 million in cap space in 2022. This one seems like a very likely scenario.
1. The Ravens could release Alejandro Villanueva
Of all the scenarios proposed on this list, this one is easily the most likely. In fact, it’s hard to imagine any reality where Alejandro Villanueva is on the Ravens’ roster in 2022.
Villanueva was downright bad in his lone season in Baltimore serving as more of a liability at left tackle than anything else. Fortunately, his two-year contract was more of a one-year deal with a team option.
The Ravens could cut Villanueva and his $9.25 million cap hit by taking on a dead cap charge of $3.25 million. In short, releasing him saves the team $6 million.
Expect the Ravens to take that out and look to bolster their offensive line in other ways this offseason. Villanueva is as good as gone.