2015 Baltimore Ravens Free Agency: An Early Guide to the Market

The Baltimore Ravens saw their season end in the divisional round of the NFL playoffs. After taking a lead in the fourth quarter, Baltimore could not hold on as they fell to the New England Patriots, 35-31.

Though it was a tough loss to stomach, it provided a reminder that this team is very close to being a Super Bowl contender again. 

After going 8-8 in 2013, Baltimore rebounded with a 10-6 finish to the 2014 season, including a win at AFC North-champion Pittsburgh in the Wild Card Round. 

Though this team is two years removed from its Super Bowl win, many key players who helped win that title are still here. Against the heavily favored and top-seeded Patriots, Baltimore looked like a championship contender, and there's little reason to doubt they won't remain such in 2015.

The majority of this roster is still under contract next year. With a few additions through free agency and the draft, Baltimore will be a Super Bowl contender next season.

First, here's a look at which Ravens are set to become free agents:

Unrestricted Free Agents

SS Darian Stewart

WR Torrey Smith

TE Owen Daniels

RB Justin Forsett

CB Danny Gorrer

LB Pernell McPhee

SS Jeromy Miles

OG William Rackley

CB Antoine Cason

DT Terrence Cody

LS Morgan Cox

OL Jah Reid

CB Aaron Ross

QB Tyrod Taylor

Restricted Free Agents

WR Kamar Aiken

DT Christo Bilukidi

CB Chris Greenwood

DT Lawrence Guy

FS Will Hill

DB Anthony Levine

K Justin Tucker

That list includes six starters from last year's team, including wide receiver Torrey Smith. He caught 49 balls for 767 yards and a career-high 11 touchdowns during the regular season.

However, he caught just five passes for 90 yards and one score in the playoffs, and it's hard to gauge what he'll be worth on the open market.

Will opposing teams be willing to pay him like a quality No. 1 receiver? Either way, Smith wants to be back in Baltimore next season.

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"It's more like home now," Smith said Sunday, via The Baltimore Sun. "It's kind of tough to leave home at times. I genuinely love the people here, from the owner to everyone who makes this building go. I really love being here.

"If I had my way, obviously, I'd like to get something done beforehand so I can stay here. But I understand it's a business and nothing is guaranteed. Just let everything play out."

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Smith is a free agent for the first time after the 2011 second-round NFL draft pick was unable to agree to a long-term extension this past year. 

Charles Krupa/Associated Press

Of all the free agents Baltimore has, Smith and running back Justin Forsett are the ones they can't afford to lose. Forsett finished fifth in rushing yards with 1,266 yards, but he signed a mere one-year contract this past offseason.

Prior to that, Forsett was a career backup. Like Smith, it's hard to anticipate what he'll get on the open market, and he's ready for a long-term commitment from a team.

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"These guys are familiar with me, and they gave me my first real shot, but there's also a business side of it where unfortunately I've been in the friend zone for most of my career," said Forsett, via The Baltimore Sun. "Hopefully, we can get into a deeper commitment down the road and get some stability."

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Cap Space

Now, as far as how much money to spend is available, Over the Cap projects the Ravens to have just $9 million of cap space. To put that in perspective, that's the ninth-smallest space of all 32 teams.

The Ravens just have too many key players signed to big contracts right now. This will ultimately keep Baltimore out of the running for any big-name free agents, and it could take them out of the running of even the decent role players that become available. 

After all, the Ravens are going to want to re-sign their own key free agents before pursuing other teams' players. 

Roster Needs

Thankfully, Baltimore's lack of cap space comes in large part because their roster is very deep going into the offseason. Their biggest weakness this past season was the lack of capable cornerbacks.

However, two starting corners were lost for the year after Jimmy Smith suffered a foot injury and Asa Jackson went down with a knee injury. If both return to 100 percent next season, that fills the need at cornerback. 

The only other glaring holes are at wide receiver and running back. However, those can both be filled by re-signing receiver Torrey Smith and running back Justin Forsett. 

As mentioned before, those are Baltimore's key free agents, and re-signing them fills the holes at those positions. If one or both players leave, those immediately become the biggest roster needs. 

Nick Wass/Associated Press

There is also a big need at safety brewing if both Jeromy Miles and Darian Stewart aren't re-signed. Those two started a combined 18 games and played 1,117 snaps, according to Pro Football Focus (subscription required). 

Needles to say, a huge hole at safety is brewing if both players sign with other teams. With younger options in Matt Elam and Terrence Brooks on the roster, though, Baltimore could survive losing one or both of Stewart and Miles. 

Tight end also presents an issue if Owen Daniels isn't re-signed. He filled in for the injured Dennis Pitta this season and caught 48 passes for 527 yards and four scores.

Free-Agent Targets

If Baltimore decides to go after other teams' free agents, they'll likely go after guys who will come on the cheap. At wide receiver, there are several veterans who could come cheap if the Ravens want to add another pass-catcher. 

Nate Washington, Brandon Lloyd and Miles Austin are some veterans who will be free agents. All are aged 30 or over and will probably sign small deals with whomever wants them.

The Ravens are pretty deep at receiver unless Torrey Smith leaves. If he stays, Baltimore probably won't sign another free-agent receiver.

At tight end, an intriguing option could be Ed Dickson. After the Ravens drafted Dickson in the third round of the 2010 NFL draft, Dickson was let go this past offseason after mostly being a backup over his Baltimore career.

Ted S. Warren/Associated Press

Though they let him go, Dickson could be someone they look to sign if they lose Owen Daniels in free agency. Baltimore is familiar with Dickson and knows what he brings to the table. He caught just 10 passes for 110 yards and one score this past season with the Carolina Panthers. 

Another option at this position could be the Broncos' Jacob Tamme. He's been a backup behind Pro-Bowler Julius Thomas in Denver, but he has some quality seasons under his belt. 

Tamme has two seasons in which he's caught at least 52 passes and 555 receiving yards to go with 10 career touchdowns. He could be a decent replacement if Daniels leaves.

Conclusion

The Ravens re-sign their key free agents, they'll have the roster they need to contend for a Super Bowl next year. It won't be easy with so little cap space, but general manager Ozzie Newsome knows how to work the salary cap and get guys signed. 

Don't expect this to be an active free-agency period for Baltimore. Their biggest signings this offseason will be getting their own guys under contract.

That's what NFL teams want, as it usually means they're in a good spot heading into the offseason. That's the case with Baltimore, who's on the verge of becoming a Super Bowl contender in 2015.