The Ravens haven't made any moves other than signing free-agent tight end Benjamin Watson, but general manager Ozzie Newsome certainly appears to be putting the team in position to make a couple of additions.
Ravens cornerback Jimmy Smith became the latest veteran to adjust his contract as he lowered his 2016 base salary from $7 million to $1 million by converting it into a $6 million bonus, according to NFL Players Association records. The change creates $4.5 million of cap space.
The restructure comes a day after All-Pro guard Marshal Yanda also adjusted his contract and veteran cornerback Kyle Arrington agreed to take a pay cut to return to the team.
Those three moves, coupled by quarterback Joe Flacco's recent three-year contract extension, opened up more than $15 million of salary cap space for the Ravens. They entered yesterday's start of free agency with the least salary cap space in the NFL.
The restructures are a departure from how Newsome traditionally does business in the offseason. Both he and owner Steve Bisciotti have spoken regularly about the importance of avoiding contract restructures because it pushes money onto future salary caps.
However, perhaps they think it's more feasible in the current NFL climate with the salary cap rising every year.
Russell Street Report was first to report that Smith had restructured his deal.