The Ravens signed Wood earlier this month, but the deal was disapproved and he was declared a free agent by the NFL.
Originally, Wood was incorrectly not credited with a "credited year" when he was released by the Texans for his rookie season, according to a source.
The Ravens updated the paperwork and refiled the one-year, $495,000 contract.
Wood has previous stints with the Texans and the New England Patriots. He was cut by the Patriots on Dec. 26 after being signed on Nov. 5.
Wood was released from the Texans in October.
He, defensive end Sam Montgomery and outside linebacker Willie Jefferson violated team rules, prompting their release. They allegedly smoked marijuana at the team hotel the night before a road game against the Kansas City Chiefs.
Wood, who rushed for nine yards on three carries with the Texans, and the other two players have denied using marijuana, stating they were only smoking a cigar.
Wood rushed for 1,102 yards and nine touchdowns during his junior season at Notre Dame.