Check in here throughout the afternoon and evening to get the latest news from what's happening around the NFL and how it affects the Ravens.
8:32 p.m.: Eugene Monroe's contract means the Ravens have a new salary cap figure to work with. Take a look at the numbers here.
6:05 p.m.: With the uncertainty surrounding Ray Rice's legal issues and Bernard Pierce coming off offseason shoulder surgery, the Ravens are keeping tabs on the running back market. But there's no rush. On a frantic Day 1 of free agency, that's one market that has really not developed and the supply is expected to significantly exceed the demand.
The New York Giants reportedly signed veteran backs Peyton Hillis and Rashad Jennings and the Oakland Raiders re-signed Darren McFadden but there's been little movement beyond that. And the oft-injured McFadden -- reportedly having to settle for a one-year, $4 million deal -- is probably not the best sign for the rest of the free agent running back class. The Ravens really could use a big, short-yardage back and a couple of their free agent options are Jonathan Dwyer (Steelers), Toby Gerhart (Vikings) and LeGarrette Blount (Patriots). There are also a couple of featured backs available like the Denver Broncos' Knowshon Moreno and the Jacksonville Jaguars' Maurice Jones-Drew, but I'm not sure the Ravens will be interested in those unless Rice has suddenly fallen out of their plans.
5:50 p.m.: The Ravens were hoping to re-sign wide receiver/kick returner Jacoby Jones before he hit the free agent market. However, they were unable to and now they are competing to retain him. The Ravens remain in negotiations with Jones, according to sources. However, Jones is planning a free agent visit with the New York Giants, according to ESPN's Josina Anderson. The Giants, who have had an active first day of free agency, are looking for another receiver with Hakeem Nicks expected to sign elsewhere.
5:11 p.m.: The Ravens need a free safety with the expected move of former first-round pick Matt Elam to strong safety. However, that market is moving fast. Former New Orleans Saints' safety Malcolm Jenkins, who would have been a nice fit for the Ravens, has reportedly agreed to a three-year, $16.25 million deal with the Philadelphia Eagles. In the last 24 hours, Louis Delmas (Miami Dolphins), Donte Whitner (Cleveland Browns), Antoine Bethea (San Francisco 49ers) T.J. Ward (Denver Broncos) and Stevie Brown (New York Giants) have all agreed to terms. Top-rated free agent safety- Buffalo's Jairus Byrd - is available but expected to be out of the Ravens' price range.
4:35 p.m.: The Ravens have agreed to terms with offensive tackle Eugene Monroe, according to a source. Read full blog here.
4:26 p.m.: According to Jason La Canfora of CBS, Ravens cornerback Corey Graham will make his first visit to the Washington Redskins. The Ravens want to re-sign Graham, a valuable slot corner over the past two seasons. However, Graham wanted to see if there were better opportunities out there and he may get one in Washington. The Ravens will have to add a cornerback in either free agency or the draft to replace him.
4:05 p.m.: The Colts have agreed to a five-year, deal with Arthur Jones worth roughly $6 million annually, according to sources. Jones will reunite with former Ravens defensive coordinator Chuck Pagano, who is in his third season as head coach of the Colts. Read full blog here.
3:54 p.m.: Sources say the Ravens have a high grade on Pittsburgh Steelers free agent wide receiver Emmanuel Sanders.
That opinion has yet to develop into a visit or contract offer and their interest depend on his price and their pursuit of other wide receivers. Nothing has developed yet.
3:28 p.m.: New England Patriots wide receiver Julian Edelman is going to hit the free agency market after declining a three-year offer to remain with the AFC East franchise, according to a source.
Sources say the Ravens have definite interest in Edelman, but nothing has developed yet into a visit or contract offer. Until today, Edelman was regarded as a strong candidate to remain with the Patriots. Read full blog here.
2:34 p.m.: The Houston Texans surprisingly cut veteran tight end Owen Daniels today, a transaction resulting largely because of his scheduled $6.25 million salary-cap figure and $4.5 million base salary for this year.
The development creates a potential opportunity for the Ravens given the two-time Pro Bowl selection's pass-catching skills and his connections to their coaching staff. Read full blog here.
12:30 p.m.: The Ravens are expected to emerge as a strong potential landing spot for Carolina Panthers veteran wide receiver Steve Smith should he be released today, according to league sources.
Smith is expected to be cut, barring an unexpected trade developing in the next few hours for the five-time Pro Bowl selection, according to a source. Read full blog here.
11:26 a.m.: Negotiations between the Ravens and offensive tackle Eugene Monroe are heating up and sources predict that a deal will get locked up today, barring any unanticipated snags in the contract discussions.
The Ravens have been negotiating with Monroe for weeks since meeting at the NFL scouting combine in February, and they have made up significant ground after being far apart last week, according to sources.