Ravens beat reporter Aaron Wilson on the signing of quarterback Matt Schaub to back up starter Joe Flacco. (Kevin Richardson/Baltimore Sun video)
The Ravens are $7.685 million under the NFL salary-cap limit of $143.28 million.
That includes a $2 million salary-cap figure for new backup quarterback Matt Schaub, including a $1 million base salary and a $1 million signing bonus. He can make another $1 million in playtime incentives.
There's also a grievance recently 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.