With just days until free agency begins, the Baltimore Ravens are freeing up a little cap space. According to NFL Network’s Ian Rapoport, the Ravens have restructured cornerback Marcus Peters’ contract, adding $3.5 million to their 2021 salary cap.
Peters was one of a handful of players Baltimore could restructure to create cap space. While restructuring a contract can free up cap space immediately, it does add money to future years, which is why teams are often hesitant to do it. However, with just two years remaining on his contract and the final year having little dead money, it makes a ton of sense for the Ravens to do here.
The additional $3.5 million effectively pays for Baltimore’s second-round tender on restricted free agent running back Gus Edwards, which the team handed out on Wednesday. While the Ravens are likely still hoping to ink Edwards to a contract extension in order to lower his 2021 cap hit, restructuring Peters’ deal ensures they have at least a little breathing room when the “legal tampering period” begins on March 15 and free agency starts two days later.
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