2012 NFL Free Agency: Updating the Baltimore Ravens' Cap Space

Few teams manage the salary cap as effectively as the Baltimore Ravens, but the team is being put to the test this offseason with the tasks of negotiating long-term deals for running back Ray Rice and quarterback Joe Flacco.

Rice would appear to be the priority, and with good reason, as he catalyzes the Ravens offense and is about as accomplished of a running and receiving threat from the backfield as there is in all of football. Baltimore wisely franchised Rice this offseason, and the two sides remain diligent in their approach to a new deal to keep him in Ravens purple for years to come.

Flacco is a slightly different situation. Although he's due for a new deal (his rookie contract expires after this season), it's a little more difficult to assess what kind of money he should be owed at this juncture of his career.  

While Flacco is a proven winner who has been to the playoffs in each of his four NFL seasons, he still struggles with questionable decision-making and has a career quarterback rating of just 86.0.

Nonetheless, the Ravens understand the value of a dependable starting quarterback in this league, and investing in Flacco remains the team's preferred option.

And while what it will cost to retain Flacco remains to be seen, we do know that the Ravens currently hold just $1.878 million in salary cap space. That means it will take some cap finagling to orchestrate a new deal for either Rice, Flacco or both this offseason, but count on Baltimore GM Ozzie Newsome to find a way; he's amongst the sharpest NFL personnel minds out there.