The NFL has established a salary cap limit of $143.28 million, an increase of $10 million from a year ago.
The Ravens needed the salary cap to rise. They remain in a relatively tight financial situation with $4.604 million available.
The Ravens' cap total also includes a negative adjustment of $3.94 million due to several players triggering incentive clauses. That doesn't include achieved workout bonuses, which will be factored in later. It includes $5.791 million carried over from last season.
The Ravens are still attempting to restructure the contracts of veteran defensive tackle Haloti Ngata ($16 million) and cornerback Lardarius Webb ($12 million).
The Ravens saved $2.66 million from terminating defensive end Chris Canty's three-year, $8 million contract and $750,000 by terminating wide receiver-kick returner Jacoby Jones' four-year, $12 million contract. The Ravens also cut cornerback Victor Hampton on Monday after his driving under the influence arrest over the weekend. Hampton signed a $435,000 reserve-future deal in January.
The incentive adjustments include outside linebacker Elvis Dumervil ($1 million, one-time incentive clause for sacks, an escalator clause raising his base salary by $1 million annually in 2015, 2016 and 2017), wide receiver Steve Smith ($1 million), middle linebacker Daryl Smith ($1 million), tight end Owen Daniels ($755,000) and strong safety Darian Stewart ($300,000).
The Ravens haven't assigned any restricted free agent or exclusive-rights free agent tenders.