The deal includes incentive clauses that could be reached in their entirety for $500,000 during the first season, but would not count against this season's salary cap.
At 1:30 p.m., Reed told Ravens Insider he was boarding the next flight to Baltimore from Miami, Fla. and hoped to arrive at the team hotel in Westminster by 7 p.m. He said he has been working out diligently and was relieved to have the deal done.
"I'm not going to be a bust," Reed said. "I want to earn people's trust and respect so they think of me as Ed Reed the football player not Ed Reed the holdout.
"This is a business and I'm glad this business is done. I can't wait to hit the field running and start making plays. I'm very happy this is over with. I'm in good shape and I'm ready to go."
Reed said he was grateful the Ravens gave him more incentives to sweeten the deal.
"I'm fine with it," he said. "Let me prove it on the field that I'm worth it. I hope no one holds this against me. I doubt that the team would.
"They know that this is business. It's about football now."