A sixth-round draft pick from the University of Virginia, Peerman received a $78,000 signing bonus.
The 5-foot-9, 216-pound runner gained 3,339 career all-purpose yards to rank 10th on the Cavaliers' all-time list.
Peerman rushed for 1,749 yards in four seasons and 18 starts, scoring 15 touchdowns.
The ordained minister from Gladys, Va., caught 67 career passes for 344 yards and one touchdown.
Peerman turned in the fastest 40-yard dash among the running backs at the NFL scouting combine with a time of 4.45 seconds. He also bench pressed 225 pounds 27 times and registered a 40-inch vertical leap.
Ravens' Peerman agrees to terms
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