In this fifth and final part of a series on the Ravens 2022 roster reconstruction, I take a last look at where the Ravens salary cap currently stands and how they can increase it. Then I offer some final thoughts on the free agent targets I believe they should try to sign.
Ravens Salary Cap Revisited
In part one of this series, I preliminarily concluded that the Ravens had approximately $8.5 million of available cap space. More recently, incentives earned by players for the 2021 season were established, resulting in a downward revision of approximately $2.7 million. After adjusting my earlier calculation for some minor items, the Ravens currently have $7 million of cap space going into the new season.
As discussed previously, several player releases will increase this total. The obvious ones, and the amounts of additional cap space created, are:
Alejandro Villanueva $6 million
Tavon Young $5.8 million
Miles Boykin $2.5 million
The release of just these three players will create $14.3 million of additional space, putting the Ravens at $21.3 million. The signing of their own exclusive rights free agents should not consume any additional cap space under the Rule of 51. Retaining Chris Westry, which I think they should do, will take somewhere between $2-$3 million of space. The Ravens should likely work out a deal with Westry to minimize the cap hit. By the way, the signing of Tony Jefferson had no material impact: his cap number is $1 million, and the Ravens can release him before June 1 and save almost $900,000 of that.
What Else Can the Ravens Do Cap-Wise? – Contract Restructures
If I assume Westry’s cap hit will be around $2.5 million, that will put the Ravens at $18.8 million of cap space. Two other release candidates are Sam Koch and Ben Powers. Koch’s release would save $3 million and Powers would save $2.5 million. I would be surprised if they released Powers at this point. Koch would not be a surprise. But for this piece I’m assuming that both remain on the roster.
Then there is the contract restructure avenue to create more space. Here the focus is on converting 2022 salary into bonus money. From a cap space perspective, these adjustments convert current year salary dollars into dollars that are pro-rated over the remaining life of a player’s contract. For example, Marlon Humphrey’s 2022 salary is $10 million, which is fully counted against the Ravens 2022 salary cap. By converting that salary into a roster bonus over the remaining five years of his contract, that $10 million cap number is reduced to $2 million in 2022.
Let’s say the Ravens do just that with Humphrey. The Ravens cap space will then be approximately $26.8 million (I’ll ignore any additional bonus inducement they might have to pay Humphrey).
Who else could they rework in this fashion? Ronnie Stanley has four years remaining on his monster deal. 
His 2022 salary is $9.5 million. By converting his salary into bonus, the Ravens could add another $7.1 million of cap space. Stanley is not “releasable” for cap purposes until the 2024 season, at which point, under his current deal, that would save the Ravens $10.4 million. For future reference, if the Ravens elect to convert Stanley’s 2022 salary into bonus, Stanley’s release in 2024 would only save them $5.7 million.
If you add a Stanley restructure into the mix on top of Humphrey’s, the Ravens cap space would be $33.9 million. And that’s where I’ll stop. Yes, they could work out a contract extension with Marcus Peters to free up even more space (Peters has a 2022 salary of $10 million). But I won’t go there for this exercise. At $33.9 million, the Ravens would have enough firepower to get quite a few things done. And that’s without getting a mega extension with Lamar Jackson.
Recommended Free Agent Targets – Signings for the Critical Need Positions
Here’s a reasonably good blueprint for the moves the Ravens should make at each relevant position.
Offensive Tackle Free Agent Targets
As the roster currently stands, the Ravens are spending $9.25 million of cap space on Villaneuva, of which they can recapture $6 million by releasing him. In free agency I’m willing to spend that $6 million (or a little more) on the offensive tackle position. That doesn’t mean I’ll spend it all there. But I’m willing to and think the Ravens should be willing too. The position is just too important, as the 57 sacks yielded in 2021 bears witness.
The Ravens should therefore attempt to execute one or both of the following moves:
(1) Attempt to sign Morgan Moses and cut Ja’Wuan James. These matched moves yield an estimated year one net cap cost of $3 million.
(2) Attempt to sign Joseph Noteboom (Rams). His estimated cap cost is in the neighborhood of $4 million.
Alternatively, the Ravens could simply attempt to sign Moses and keep James, at an estimated cap cost of $6 million. The Ravens will not sign both Moses and Noteboom without cutting James.
Edge Linebacker Free Agent Targets
If the Ravens choose to act here, as I think they must, it will likely come down to a pursuit of either or both of Hasson Reddick and/or Za’Darius Smith (assuming his release). The obvious goal is signing one of them. The thinking here is that the Titans will control Harold Landry, either via the franchise tag route or by working out a deal.
The decision to select among Reddick and Smith will likely boil down to three considerations. First, does Smith’s health check out? Second, a Smith signing would not count against the Ravens in the 2023 compensatory draft pick calculation. Third, the year one cap cost.
A healthy Smith, in my view, is a better player than Reddick. And if the relative cap cost between them is close, I’d prefer Smith. In either case, I’m estimating a year one cap cost for either player at $7 million. If they get lucky and Landry is available, I’d prefer him over Smith and Reddick, likely also logging in around $7 million.
Market pricing developments may well shift the Ravens’ focus here. If I’m materially low on my estimates of what a year one cap number will look like then the whole equation changes. But landing one of these guys is important.
Free Safety Free Agent Targets
The odds of Jessie Bates hitting the market are between slim and none. The Ravens focus should be between Tyrann Mathieu and Marcus Williams. 
I would prefer the much younger Williams, who would immediately slot as an almost pure free safety. But the fit here really depends on new defensive coordinator Mike Macdonald’s defensive scheme. Does he prefer more of a do-it-all safety such as Mathieu or a true free safety such as Williams?
Then there’s the money. At age 26 Williams should command more. I’m still estimating a year one cap number of $10 million for Williams. And I’m still slotting Mathieu between $7.5 to $8 million.
Now I have to take a step back for a moment. If the Ravens prioritize offensive tackle and edge linebacker over the safety position (an “if” that I can’t answer), then signing Williams or Mathieu becomes challenging. By my estimation, to fill the tackle and edge positions will cost the Ravens (in the aggregate) somewhere in the neighborhood of $14 million of cap space. They’d still have around $19 million left, with other needs to fill (see below). Spending $10 million on Williams, or even $8 million on Mathieu, becomes problematic. This could therefore bring Quandre Diggs into the picture, at a cap cost of between $3.5 to $4 million.
Recommended Free Agent Targets– Signings for Other Positions
Defensive Line
Sebastien Joseph-Day and D.J. Jones are my preferred targets here. The Ravens should be allocating approximately $4-$5 million of cap space to either player. But they must sign at least one player off my list of four defensive linemen (see here).
Inside Linebacker
A signing here likely depends on who, if anyone, is released as I pointed out in part four of this roster construction analysis. Eric Kendricks is the guy I’m hoping to see cut free and he’d probably land in the $6 million cap figure bucket. Myles Jack and Blake Martinez would come in for less – say $3-$4 million.
Receiving Tight End
I don’t think this dream has any realistic chance of coming to fruition. We’ll likely see Njoku and Uzomah elsewhere in 2022.
The Free Agent Targets Signing List
Here’s my final shopping list. All dollar amounts are the estimated year-one cap amounts from anticipated contracts.
Offensive Tackle – Spend between $4-$7 million, consisting of Morgan Moses and/or Joseph Noteboom and/or releasing Ja’Wuan James. The cheapest path is to sign Noteboom for hopefully a $4 million year one cap number (keeping James). Remaining cap: between $26.9-$29.9 million.
Edge Linebacker – Spend approximately $7 million (Smith, Reddick or Landry). Remaining cap: between $19.9-$22.9 million.
Free Safety – If they spend on the low-end on offensive tackle ($4 million to sign only Noteboom), they’d have $22.9 million available. They could then arguably go after Mathieu at say $8 million, leaving them with $14.9 million. Or, they could fall back to Diggs (who is still an upgrade) at $4 million. Remaining cap with Diggs: $14.9-$18.9 million.
Defensive Line – Any of the four players highlighted previously at up to $5 million of cap space. I’ll assume they sign a player from each of the above positions. Then I’ll add one defensive lineman to the mix of signings. Remaining cap with Mathieu: $9.9 million. Remaining cap with Diggs:
Inside Linebacker – Find a way to sign Kendricks or Jack or Martinez, in that order of availability.
Spending Scenarios
Here are a few combination scenarios, among many others, to consider:
First Scenario
The Ravens sign Morgan Moses (keeping James) for $6 million, either Smith or Reddick for $7 million, and one defensive lineman for $5 million. This leaves them with $15.9 million of space. They could then sign Diggs at safety for $4 million. They end the spending spree with $11.9 of remaining cap space – tight but likely workable.
Second Scenario
Going younger, the Ravens opt for Noteboom for $4 million, Reddick for $7 million and one defensive lineman for $5 million. This leaves them with $17.9 million to spend. It’s still hard to imagine they could sign Mathieu under this scenario, as that would drop them below $10 million of remaining space. I’m sure the Ravens would prefer to have more firepower heading into the draft and June 1 cuts.
Third Scenario
The Ravens decide to address offensive tackle in the draft. In free agency, they opt to focus on edge linebacker and free safety. They sign Reddick or Smith for $7 million, and Mathieu for $8 million. That leaves them with $18.9 million so they add one defensive lineman for $5 million, putting them at $13.9 million. Then, in the draft . . . Well, I’ll leave draft scenarios for another day.
Out-of-the-Box Scenario
The Ravens ignore Reddick and Smith and opt for a pass rush specialist like Charles Harris who costs $3 million of cap space. Then, they sign either Marcus Williams or Mathieu at safety, costing them between $8-$10 million. At this point they have between $20.9-$22.9 million of remaining cap space. They sign Noteboom for $4 million. The Vikings cut Eric Kendricks who the Ravens then sign for $6 million. After this spree is over, they have been $10.9-$12.9 million left. Or, they also ignore the offensive tackle spot and go into the draft with between $14.9-$16.9 of space.
In all, this is the year the Ravens must spend in free agency to replenish what is (right now) a depleted roster. And they should have enough money to do it.
