Market Watch: Contract, Free Agent Observations for Every AFC North Team for 2/9

With free agency a little more than a month away, teams are scrambling to free up cap space and determine which impending free agents are worth retaining and which they will let walk.

Here is the latest news on that front as it concerns the four teams in the AFC North. 

Pittsburgh Steelers

The Pittsburgh Steelers are well over the projected 2012 salary cap, but have made a few moves this week to free up some money.

First, they restructured the contracts of linebackers LaMarr Woodley and Lawrence Timmons. Woodley's salary has decreased, with the difference, as well as his $5 million roster bonus, being paid out in increments over the remainder of the contract.

The team did the same with Timmons' contract, with the two reworkings saving the Steelers nearly $11 million in 2012.

Pittsburgh also released cornerback Bryan McFadden and wide receiver Arnaz Battle on Wednesday. Though the team will take a slight cap hit from both releases, they will ultimately save around $3.5 million.

The Steelers have a number of free agents they need to make tough decisions about in the offseason, and they need to find a way to make a contract offer to wide receiver Mike Wallace.

Expect more cuts and more contract restructuring in the coming days, with linebacker James Harrison likely under cap guru Omar Khan's microscope presently.

Baltimore Ravens

The Baltimore Ravens aren't ones to shy away from letting expensive veterans walk, as evidenced by their willingness to part ways with Todd Heap and Derek Mason, among others, in last year's free agency period.

This year, cornerback Domonique Foxworth and wide receiver Lee Evans could be off the team, with Baltimore pushing dangerously close to the projected $124 million salary cap.

Foxworth will be owed over $7 million in 2012 and this year's draft class is stacked with a number of start-worthy and less expensive cornerbacks.

Evans' 2012 salary is $5.61 million. Considering that he caught just four passes for 74 yards in 2011, the Ravens will likely part ways with him unless he's willing to take a significant pay cut.

Cleveland Browns

The Cleveland Browns are projected to have $20 million in cap space this offseason, money they can use to pick up free agent veterans and re-sign some of their own more valuable players.

However, don't expect running back Peyton Hillis to receive a monster payday if they choose to keep him around.

Hillis has been unhappy with the way contract talks have played out throughout the season, though he did himself a service by finishing strongly in 2011. If Hillis wants $16-20 million per year and won't budge, the Browns will let him walk.

But if Hillis and the Browns can agree to a number in the $10-12 million range, he has a good chance of being in Cleveland for three or four more years.

Cincinnati Bengals

With nearly $40 million in projected cap room, the Bengals can concern themselves with signing a number of their own veteran free agents and snagging a few others on the open market.

The fact that the team has so many options available to them shifts the discussion from what the Bengals will do with that money to what they won't.

They won't re-sign running back Cedric Benson, but that doesn't guarantee they'll pick up a veteran to replace him. They'll likely give a long look to a number of free agent receivers to help boost their passing game.

And defense will likely be a major priority for the team, both in free agency and the draft. A veteran free agent corner joining the team is possible, even if they also draft one with one of their two first-round draft picks.

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