However, the Ravens are still trying to chisel out new contracts for first round pick Ed Reed, second round choice Tony Weaver, and sixth round pick Javin Hunter.
With all of their rookies already signed to one-year tenders worth $225,000 in base salary, the Ravens just had to find a way to fit the total amount of bonus pay handed out to each draft choice.
Before they signed their draft picks, the Ravens were $1.3 million under the cap. As of right now, they are around $1.0138 million under.
The Ravens already have blueprint contracts to use as references to sign their three remaining picks. Ed Reed will probably count an additional $600,000 against the cap because he will likely receive a signing bonus worth $3 million, for five years. If that deal were indeed struck, that would leave the Ravens around $413,800 under the cap, with two more rookies to sign.
That would regrettably leave the Ravens with no room to sign any additional players to their team. However, the Ravens still have a glimmer of a chance to gain additional wiggle room under the cap.
ESPN has reported that Sam Adams continues to display his interest in playing for the Ravens once again. The Cincinnati Bengals were believed to be strong competitors for Adams' services, but as we reported last week, the Bengals were a bit gun shy when it actually came time to pay him what he was seeking. The Broncos and Seahawks are offering Adams one-year deals that would pay him slightly more than $1 million.
However, Adams would rather receive a multi-year contract that would match his towering demands. This is where the Ravens come in to the picture. According to various sources, including Raven Insider's Aaron Wilson, most of the framework of Ray Lewis' new contract has been completed. However, both sides are still debating how much bonus pay Lewis deserves to receive.
If both sides can inexplicably reach a compromise in the next couple of weeks with Lewis, the Ravens should save enough cap space to sign Adams to the multi-year contract he has been salivating for. They would also gain enough cap space to sign two more veterans worth the league minimum.
Although this is a long shot scenario at best, there is still a chance that both parties will realize that it is in their best interests to reach an accord.