The Ravens are $10.673 million under the NFL salary-cap limit of $143.28 million following their four-year, $48 million contract extension for cornerback Jimmy Smith.
Smith has a $3.6 million salary cap figure for 2015 instead of his original $6.898 million fifth-year option.
The contract averages $10.275 million per year, has $21 million guaranteed and a $13 million signing bonus.
Smith has fully guaranteed base salaries of $1 million in 2015 and $7 million in 2016, and nonguaranteed base salaries of $8.5 million in 2017, $9 million in 2018 and $9.5 million in 2019. His salary-cap figures are $9.6 million in 2016, $11.1 million in 2017, $11.6 million in 2018 and $12.1 million in 2019.
There's also a pending grievance filed by former Ravens safety Darian Stewart, who's now with the Denver Broncos, in a dispute over a playtime incentive. There's $80,000 being held against the salary cap while the grievance is pending.
The Ravens have enough financial flexibility to sign free agents, extend current players under contract and still have enough money set aside for their rookie pool to sign as many as 10 draft picks.
The Ravens created $2.75 million in cap savings when they restructured veteran cornerback Lardarius Webb's contract, lowering his salary-cap figure from $12 million to $9.25 million for the 2015 fiscal year.
The Ravens also saved $8.5 million in salary cap space and cash when they traded five-time Pro Bowl defensive tackle Haloti Ngata to the Detroit Lions.
Here are the top salary-cap commitments the Ravens have for this year, including dead money, meaning the amount of money consumed by players no longer on the roster:
1. Quarterback Joe Flacco ($14.55 million).
2. Former running back Ray Rice ($9.5 million).
3. Cornerback Lardarius Webb ($9.25 million).
4. Offensive guard Marshal Yanda ($8.45 million).
5. Offensive tackel Eugene Monroe ($7.7 million).
6. Outside linebacker Elvis Dumervil ($7.375 million).
7. Tight end Dennis Pitta ($6.2 million).
8. Wide receiver Steve Smith ($4.166 million).
9. Outside linebacker Terrell Suggs ($3.95 million).
10. Middle linebacker Daryl Smith ($3.875 million).
11. Center Jeremy Zuttah ($3.7 million).
12. Cornerback Jimmy Smith ($3.6 million).
13. Punter Sam Koch ($3.1 million).
14. Former wide receiver-kick returner Jacoby Jones ($2.625 million).
15. Kicker Justin Tucker ($2.356 million).
16. Quarterback Matt Schaub ($2 million).
17. Inside linebacker C.J. Mosley ($1.997 million).
18. Safety Matt Elam ($1.845 million).
19. Defensive end Chris Canty ($1.75 million).
20. Outside linebacker Courtney Upshaw ($1.685 million).
21. Center-guard Gino Gradkowski ($1.663 million).
22. Running back Justin Forsett ($1.6 million).
23. Safety Will Hill ($1.542 million).
24. Safety Kendrick Lewis ($1.266 million).
25. Linebacker Albert McClellan ($1.2 million).
26. Offensive guard Kelechi Osemele ($1.064 million)
27. Defensive end Lawrence Guy ($1.055 million).
28. Safety Anthony Levine ($1 million).