Updated Ravens cap space ahead of 2024 NFL Draft

The Baltimore Ravens are once again in the familiar position many contenders find themselves in. With most of their big stars locked up on bigger contracts, the Ravens need to figure out a way to add talent while staying under the NFL's salary cap.

The Ravens lost multiple starters on both sides of the ball this offseason, as Eric DeCosta couldn't find a way to bring back all of the terrific depth pieces the Ravens had over the last few years while still remaining financially flexible ahead of a pivotal campaign.

Baltimore did spend big in areas of need, however. They made one of the splashiest signings of the offseason when they signed running back Derrick Henry away from the Tennessee Titans, and breakout defensive tackle Justin Madubuike agreed to a four-year contract worth just under $100 million after a tremendous 2023 season.

The Ravens will need to pull off a balancing act in the next few weeks, as they need to add standout young players at multiple positions, free up cap space, and make all the depth signings they need. It's a tough task, but DeCosta seems up to the challenge.

Updated Baltimore Ravens cap space ahead of 2024 NFL Draft

According to Over The Cap, the Ravens are 23rd in the league in available cap space at $7,231,042. What makes this number seem smaller than it actually is, however, is the fact that Baltimore has the second-fewest numbers of players under contract at 61. Only the Chargers have fewer.

While the Ravens are packed to the gills financially, it's hard to argue they haven't spent their money wisely. On top of the Madubuike and Derrick Henry contracts, the mega deal for Lamar Jackson has worked out quite well. Players like Mark Andrews and Roquan Smith are rightfully among the best in the league at their positions.

The Ravens may eventually end up restructuring some of their deals and kicking some money down the road in order to sign their 2024 draft class and field as deep a team as possible next year. Luckily for Baltimore, their salary cao isn't full of many (if any) albatross deals they need to work around.

Baltimore may not have had the glitzy offseason some may have wanted, and the loss of so many starters will sting, but the Ravens are in a good place to once again turn their team into a no-doubt contender once again.