That includes a net savings of $3.529 million in salary and cap space for this year with the subtraction of Rice's salary as well as $4.755 million in dead money for this fiscal year. In 2015, though, Rice will count on the Ravens' books for a hefty $9.5 million in dead money.
"When we made the decision, we knew there was going to be some cap ramifications next year," general manager Ozzie Newsome said. "We'll be prepared to deal with that whe nwe get there, but were not going to allow that to dictate our decision."
Ravens owner Steve Bisciotti said the Ravens will carry over their remaining salary-cap space from this year.
"The goal is to offset that $4 million over next year to offset the dead money, so we'll still have $5.5 million dead money [net]," Bisciotti said.
Dead money is the pro-rated portion of the money already paid to Rice that still counts against the Ravens’ salary cap even though he’s no longer on their roster.
Under his contract signed in July 2012, Rice received $22 million in guaranteed money through a $15 million signing bonus and a $7 million option bonus. He was also paid another $3 million combined in base salaries in 2012 and 2013, meaning he earned a total of $25 million from the Ravens in the past two seasons.
Rice never triggered an additional $5 million worth of escalator clauses based on performance measured through rushing and receiving yardage and the team's ranking on offense.
The top 12 salary cap figures on the Ravens for this season are: Pro Bowl defensive tackle Haloti Ngata ($16 million), quarterback Joe Flacco ($14.8 million), Pro Bowl offensive guard Marshal Yanda ($8.45 million), Pro Bowl outside linebacker Terrell Suggs ($7.8 million), Webb ($7.504 million), Rice ($4.755 million), outside linebacker Elvis Dumervil ($3.375 million), tight end Dennis Pitta ($3.205 million), offensive tackle Eugene Monroe ($3.204 million), defensive tackle Chris Canty ($3.166 million), punter Sam Koch ($2.8 million) and middle linebacker Daryl Smith ($2.475 million).
Baltimore Sun reporter Jeff Zrebiec contributed to this article