Ravens updated cap space following Justin Madubuike franchise tag plus ways they can save

How are the Ravens faring after the latest news?

The Baltimore Ravens were sitting at a reasonable $10 million in cap space prior to the franchise tag of defensive lineman Justin Madubuike. In a vacuum, that’s not so bad, but they had a monster $22 million franchise tag and a heap of pending free agents with free agency coming down the pike. Now, things have changed as the Ravens have officially tagged Madubuike.

According to overthecap.com, the Ravens now are in the red. They are No. 26 in cap space, with -$9.565 million over the cap. More cumbersome is they’re -$12.53 million over the cap in “effective cap space,” per OTC, as that’s a measure of “cap space a team will have after signing at least 51 players and its projected rookie class to its roster.”

In short, moves will have to be made, be them cap casualty cuts or agreed-upon paycuts with the likes of left tackle Ronnie Stanley and cornerback Marlon Humphrey, who respectively boast the second and third largest cap hits on the roster to the tune of $26.17 million and $22.88 million.

So, as it stands, the Ravens are in the red. Here are a couple ways the Ravens can get back in the black.

Exclusively Cuts

It’s all but a guarantee the Ravens will part with outside linebacker Tyus Bowser after a mysterious season saw him never leave the Non-Football Injury list. After cutting Bowser, the Ravens will stand at -$4.065 million.

It’s tough to see the Ravens keeping wide receiver Odell Beckham Jr. Reports have indicated they’re still in talks with the big name, but some are reporting the Ravens will likely cut him with a Post-June 1 designation, freeing up $1.2 million. If that’s the case, the Ravens then go to –$2.855 million.

If the Ravens feel they can move on from right tackle Morgan Moses and hand the reigns to Daniel Faalele, they would save another $5.5 million, putting them at $2.644 million under the cap.

Another consideration must be fullback Patrick Ricard. Moving on from another big-time run blocker while also dealing with the expected loss of two interior offensive linemen is a tough decision. I don’t necessarily expect it as they’ll need help blocking and the ever-sturdy All-Pro would be great to keep around, especially after demonstrating his involvement in the new Todd Monken offense. But, if they need the extra dough, parting with him saves $4 million. If so, they get their cap space up to $6.644 million.

Cuts + Restructures

First, we’re going to stick with the parting of ways with Bowser and Beckham, putting the Ravens at -$2.855 million in cap space. But there are other ways, non-cut ways, to save money in the form of restructuring contracts.

The first and largest would be the restructuring of safety Marcus Williams’ deal. I don’t think it’s a likely outcome necessarily, what with his recent dealings with injuries, but it’s still a possibility. If they restructure his deal, they can lower his cap hit by $7.19 million in 2024. That kicks the can down the road, but puts them into the black to the tune of $4.33 million. Another restructure could be coming from tight end Mark Andrews. The Ravens love him and though he suffered a recently significant injury, proved he’s a Raven through-and-through by doing everything possible to return, including the famous hyperbaric oxygen chamber to recover more rapidly. This restructure saves the Ravens $4.937 for 2024, giving them $9.275 million.

Those restructures, mind you, come back and hit later. The New Orleans Saints being an infamous example of what happens when you push the cap to the limit for years and years, resulting in stars leaving and still being in significant debt. The $12.12 million saved in 2024 come back to haunt you in the following years, it doesn’t go away.

These restructures would signal the Ravens are making a significant push for 2024.

Cuts + Pay Cuts

The best option for the club would be the voluntary moves by Stanley and Humphrey to take a pay cut. But, convincing your employees to take a pay cut when both sides agreed to those numbers isn’t easy. But, when you’ve made $101 million and $70 million in career earnings, Stanley and Humphrey respectively, maybe you’re a bit more willing to work something out.

Overall

The Ravens have an ugly cap figure to solve. They don’t have many areas to save and they’re bound to lose contributors in this free agency cycle. Saving money isn’t easy and usually creates more holes that need plugged with the money you’re saving. But, there are a slew of options for the team at their disposal to make a competitive roster for 2024.