The Baltimore Ravens suffered a heartbreaking Week 18 loss to Pittsburgh that eliminated them from both the AFC North title, and a playoff spot this season.

Baltimore carries around $40M of projected 2026 cap space, against an estimated $304M league threshold. This figure includes 36 contracts currently on the books, plus void caps for DeAndre Hopkins & Tylan Wallace. With a $74.5M cap hit, QB Lamar Jackson accounts for 24.5% of the Raven’s current cap allocation.

The Ravens project to own 11 picks in next year’s draft, including four 5th-rounders (their own, the Chargers, and two compensatory picks). Future Baltimore Draft Picks

Early Offseason Questions

  • Can the John Harbaugh/Lamar Jackson relationship continue on? Harbaugh is under contract through 2028, while Lamar has 2 years, $104M remaining on his.
  • What does the future hold for DL Nnamdi Madubuike, who missed most of 2025 with a serious neck injury that may be very difficult to fully return from? His $22M salary for 2026 is fully guaranteed.
  • With ample draft capital heading into 2026, is this a team to watch as trades become available in March.

Notable Free Agents

(Spotrac Valuation APY)

C Tyler Linderbaum ($17.8M)
TE Isaiah Likely ($9M)
ED Dre'Mont Jones ($7.5M)
S Alohi Gilman ($4.7M)
ED Kyle Van Noy ($3.6M)
DL John Jenkins ($2.7M)

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Option Decision

WR Zay Flowers

With two Pro Bowl nods under his belt, Flowers’ 5th-year option salary for 2027 now projects to come in at $28M. Baltimore has until May 1st to make a call on this, but it should be noted that the 25-year-old currently holds a $30M projection in our system.

Extension Candidate

Lamar Jackson’s $74.5M cap hit certainly needs to be addressed this March, and the Ravens have previously shown interest in negotiating a multi-year extension with the nearly 29-year-old. But an underwhelming, injury-filled finish to 2025 has a bit of a cloud hanging over the situation. As long as the two sides are on the same page and willing to move forward, Jackson should be eyeing a deal at or around $60M per year in terms of new money.

In lieu of riding out an extension two years with Zay Flowers, Baltimore may opt for working out a multi-year extension with the wideout (something they’ve been known to do with pending 5th-year option players). Early extensions offer cap flexibility in a player’s prime years.

LB Roquan Smith’s contract holds an unprotected 2 years, $40M remaining, including cap hits of $32.7M in each of the next two seasons. Baltimore may just opt to process a salary conversion to free up space, but a tack-on extension (currently projected at 2 years, $42M) could kill two birds with one stone.

Bubble Candidates

CB Marlon Humphrey

Release Candidate

Humphrey’s cap hit escalates to $26.2M in the final year of his contract, foreshadowing some form of movement on the deal in the coming months. There’s a $4M roster bonus due March 15th, and an outright release leaves behind $18.9M of dead cap, freeing up $7.3M.

DL Broderick Washington

Release Candidate

An ankle injury limited Washington’s 2025 season to just 4 games, and the 29-year-old is heading into a contract year in 2026. An outright release would leave behind $1.85M of dead cap, opening up $4M of space.

QB Lamar Jackson

Trade Candidate?

It’s at least worth mentioning that the possibility of Baltimore fielding trade calls in lieu of an extension for Jackson remains possible this offseason. The deal holds $57.5M of dead cap, and the move would ideally come before June 1st to incorporate 2026 draft picks, so Baltimore would be taking on quite a number to process this trade. It should also be noted that Jackson holds a full no-trade clause.

New Team Acquires
2026: $52M ($29M guaranteed)
2027: $52M

Potential Cap Conversions

Lamar Jackson’s $74.5M cap hit has to be modified in some way shape or form. If the move ends up being a simple salary conversion (which seems like a last resort), the Ravens can free up $39M of space.

Roquan Smith’s $32.7M cap hit can be reduced down to $17.7M by way of a salary conversion with three added void years, which represents $15M in savings.

DL Nnamdi Madubuike’s 2026 salary is already fully guaranteed. A simple conversion on it frees up $16.6M.

RELATED LINKS
2026 Ravens Salary Cap
Ravens 2026 Free Agents
Spotrac’s Offseason Guides