The Ravens are $1.695 million under the NFL salary cap limit of $123 million.
That's after the Super Bowl champions finalized a two-year contract for offensive tackle Bryant McKinnie with a base value of $6.3 million that includes a $2 million signing bonus. McKinnie carries a $2.5 million salary-cap figure this year and a $4 million salary-cap figure in 2014.
The Ravens will regain $2 million in salary-cap room after June 1 because of designating strong safety Bernard Pollard as a post-June 1 cut. The Ravens also saved $500,000 when they cut Pollard before he was due a $500,000 roster bonus.
The top salary-cap figures on the roster are: outside linebacker Terrell Suggs ($13.02 million), defensive tackle Haloti Ngata ($11.5 million), offensive guard Marshal Yanda ($7.45 million), cornerback Lardarius Webb ($7.385 million), quarterback Joe Flacco ($6.8 million), running back Ray Rice ($5.75 million), offensive tackle Michael Oher ($4.95 million), fullback Vonta Leach ($4.33 million) and inside linebacker Jameel McClain ($4.2 million).
Prior to the NFL draft, Ravens general manager Ozzie Newsome said the team wants to be proactive about attempting to sign players under contract, including players heading into a contract year, like tight end Dennis Pitta and offensive tackle Michael Oher.
"We always look to get ahead," Newsome said. "We tried that with Joe [Flacco] a year ago. So, will we try to sign some of our guys that will be [free agents]? Yes, we will try. It's a little more difficult in the last year because they get the opportunity to start to smell free agency, and they see what happens to their peers that get into free agency and the market that they command, but we will attempt to probably sign some of those guys."
By making roster cuts of veterans and trading wide receiver Anquan Boldin, the Ravens were attempting to create a salary-cap structure where they can retain younger players.
"I think what we did is we just wanted to make sure that when we look downstream that we were able to keep the Torreys [Smith], the Pittas, guys that we wanted to keep," Newsome said. "If you don't make tough decisions this year, then it will be tougher to keep those guys in years to come."