What Salary Cap Increase Means for the Ravens
The NFL announced last week that it would be increasing the leagues salary cap from $224.8 in 2023 to $255.4 in 2024. For teams all across the league the salary cap increase is a hug help especially to the Ravens who saw a $10 million increase to their cap giving them around $18 million in available cap space heading into the free agency.
Ravens GM Eric DeCosta will have some tough decisions to make in the coming weeks and months as they currently have 28 free agents which include right guard Kevin Zeitler, linebacker Patrick Queen, running back Gus Edwards, and safety Geno Stone. However, of the 28 pending free agents for this Ravens team arguably the most important is defensive lineman Justin Madubuike. Madubuike had a career year in 2023 finishing with 13 sacks, ninth most in the NFL last season. The Ravens intend to sign Madubuike to a long term deal, but if the two sides cannot come to terms it seems very likely for the Ravens to use the franchise tag which would give Madubuike $22 million in 2024. The window to sign players to the franchise tag began this week and must be signed by 4 P.M. on March 5th.
The Ravens will also need to make a decision on both outside linebacker Odafe Oweh and wide receiver Rashod Bateman as they are both eligible to have their fifth-year options picked up. The final deadline for teams to pick up a players fifth-year option is May 2nd. For the Ravens they would owe Bateman $14.3 million, while Oweh would be owed $13.3 million if their options are picked up.
Both drafted in the first round in 2021, Bateman and Oweh have largely been underwhelming with both having dealt with injuries through their first three seasons. It seems unlikely the Ravens will pick up either option similar to what they did with Patrick Queen before last season, meaning both Bateman and Oweh will become free agents at the end of next season.
While the Ravens don’t have tons of cap room they can be flexible in restructuring the contracts of left tackle Ronnie Stanley and cornerback Marlon Humphrey, while also moving on from players like outside linebacker Tyus Bowser who missed all of last season with an undisclosed knee injury. These moves could free up even more cap space in order to once again build this roster through the draft and free agency in the hopes of making another deep playoff run in 2024.
