Pryce was originally scheduled to make $4.5 million during the final year of a five-year, $25 million contract that included $10 million in guaranteed money.
The four-time Pro Bowl defensive end was replaced in the starting lineup last season by Dwan Edwards and ranked first on the team with 6 1/2 sacks.
Although Edwards is now with the Buffalo Bills, Pryce isn't expected to regain his starting job since the team signed Cory Redding to a two-year, $6 million contract and installed him as the starting left defensive end.
Pryce is likely to remain in an important third-down role.
Pryce turns 35 in August and has recorded 90 career sacks, including 26 sacks since joining the Ravens.
Trevor Pryce takes $2.5 million paycut
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