Wood was incorrectly not originally credited with a "credited year" when he was released by the Houston Texans for his rookie season, according to a source, who said the Ravens' contract has now been updated and will be refiled with the league.
The former Notre Dame starter reverted to becoming an unrestricted free agent again since his one-year, $495,000 contract is no longer valid.
Wood was cut by the Texans in October along with defensive end Sam Montgomery and outside linebacker Willie Jefferson. The three rookies violated team rules, allegedly smoking marijuana at the team hotel the night before a road game against the Kansas City Chiefs.
However, all three players have denied using marijuana through their agents and said they were merely smoking a cigar.
Wood, who ran the 40-yard dash in 4.46 seconds at the NFL scouting combine last year, gained nine rushing yards on three carries in three games with the Texans as a rookie this past season.
During his junior season, Wood rushed for 1,102 yards and nine touchdowns.