The Ravens were one of the highest-spending teams in the NFL over the past two years on player salaries, investing a combined $252.25 million in contracts, according to NFL Players Association figures.
The Ravens spent up to 98.54 percent against the salary cap, well above the minimum requirement.
NFL teams must spend a minimum cash requirement of 89 percent of the salary cap between 2013 and 2017. If a team fails to do so, it has to pay the difference to the NFLPA, which is free to distribute the money as it sees fit.
"There are a lot of teams out there that don't spend to the cap, and we do," Ravens owner Steve Bisciotti said during the team's annual State of the Ravens news conference Tuesday. "I'm always envious of those teams right about this time of the year, and then they're envious of me when we are in the playoffs."
The Ravens spent $125.778 million in cash in 2013 and $126.479 million in 2014.
The salary cap was $133 million last year. It's expected to go up to $143 million or higher this year when the new league year and free agency begin March 10.
The Ravens have $137.830 million in salary cap commitments for 2015, with 50 players under contract. That includes the $750,000 saved by terminating wide receiver-returner Jacoby Jones' four-year, $12 million contract.
The Ravens are currently $5.17 million under the salary cap under a projected salary cap of $143 million for 2015. They still can assign tenders to their restricted-free-agent and exclusive-rights free agents. They are working to try to restructure contracts for defensive tackle Haloti Ngata ($16 million salary cap figure) and cornerback Lardarius Webb ($12 million salary cap figure).