Owens' agent, Dave Joseph, missed a deadline to void the final three years and allow his client to become an unrestricted free agent.
Now, he becomes the Ravens' top receiving target for a passing offense that ranked last in the NFL last season.
Owens has averaged 92.5 catches for 1,316 yards and 12.8 touchdowns for the past four seasons.
Last season, the Ravens' receiving corps totaled 85 receptions for 1,265 yards and nine touchdowns.
Measurables: 6-foot-3, 226 pounds
Hometown: Alexander City, Ala.
Trade terms: Ravens acquired the All-Pro wide receiver from the 49ers by trading their second-round draft pick (51st) overall to beat out the Philadelphia Eagles' bid.
Salary: Under current contract, Owens is due to earn a total of $17.7 million in base salary: $5.3 million in 2003, $5.9 million in 2005 and $6.5 million in 2006.
Statistical comparison: Owens has averaged 92.5 catches for 1,316 yards and 12.8 touchdowns over last four years (80-1,102-9 in 2003). Ravens receivers combined for 85 catches, 1,265 yards and nine scores in 2003 as team had the NFL's lowest-ranked passing game.
Career statistics: 592 catches for 8,572 yards and 81 touchdowns in eight seasons.