Teams all around the league are scrambling to free up as much salary cap space in the hours leading up to the start of NFL free agency at 4:00 p.m. Eastern. The goal is to free up enough cash to make plays at compelling free agents, re-sign their own players and get far enough under the cap to comply with league rules and sign their rookie class next month.
This morning, the Baltimore Ravens were $13.293 million under the $123 million salary cap (via The Baltimore Sun). After re-signing wide receiver David Reed to a two-year, $2.5 million deal (split evenly in half between those two seasons) the Ravens were $12.043 million under the cap (via The Sun).
Additional signings, including an exclusive-rights free agent deal with running back Damien Berry, a two-year contract for long snapper Morgan Cox and a one-year deal for guard Ramon Harewood likely put the Ravens at around $9.5 million under the cap (all signings courtesy Aaron Wilson of the Baltimore Sun).
A subsequent signing of defensive tackle Chris Canty, for a reported $8 million over three years including $2.8 million guaranteed according to NFL Network's Albert Breer, plus the one-year deal for Ravens free agent safety and special teams contributor James Ihedigbo (again via Wilson and the Sun) likely reduces that number to around $7.3 million.
However, something weird is going on with Baltimore's money. Until Anquan Boldin can take a physical with the San Francisco 49ers, he cannot sign with them, and he's presently in Senegal. For now, that means the Ravens need to carry the full $7.15 million cap hit that Boldin represents, somewhat tying their hands.
That means the Ravens have between $1 million and $2 million in cap space presently.