Which free agents make sense for the Ravens? Keep an eye on salary cap cuts.

The Ravens have money to spend in free agency, but not a lot. They also have two high-value players headed to free agency, which might be even more valuable.

With Pro Bowl outside linebacker Matthew Judon and defensive end Yannick Ngakoue leaving Baltimore this offseason for rich deals elsewhere, the Ravens could earn a pair of compensatory third-round draft picks in the 2022 NFL draft. They already have one compensatory third-round pick lined up next year courtesy of the NFL’s minority-hiring initiative, which awarded them a pair of selections for the Houston Texans’ hire of former Ravens assistant coach David Culley.

The Ravens have holes at edge rusher, interior offensive line and wide receiver, and general manager Eric DeCosta can’t be cautious as he tries to build a Super Bowl contender around quarterback Lamar Jackson. But the NFL’s compensatory-pick formula could affect where the Ravens look for upgrades and replacements in the open market, especially considering Jackson’s looming megadeal and the importance of cheap rookie contracts.

After losing Judon, for instance, they’d negate a potential third-round selection by signing an unrestricted free agent to a big-money deal. If they sign a free agent who was cut, however, rather than a free agent whose last contract expired, they would still be on track to earn a pick for Judon’s departure.

As teams continue to clear salary cap space ahead of the start of the legal tampering period Monday afternoon, there are already a number of enticing salary cap casualties available. More will likely join them in the coming days. For now, all DeCosta can do is wait and watch how their markets develop.

“It’s a work in progress,” he said Tuesday, when asked about whether he expected to be active in free agency. “It just depends. I can’t give you a definitive answer, because I don’t know who is going to be available, who is going to get cut, who wants to come to Baltimore, which of our players want to do long-term deals. These things are very, very fluid.”

WR Emmanuel Sanders

Sanders, who was set to make $8 million this season, with $2 million guaranteed, is part of the exodus caused by the Saints’ massive cap crunch. New Orleans will save at least $4 million against the salary cap with his release.

Sanders, who turns 34 on Wednesday, caught 61 of his 82 targets for 726 yards and five touchdowns in 14 games last season — his most appearances since 2016. Despite bouncing from the Denver Broncos to the San Francisco 49ers to New Orleans, Sanders has helped quarterbacks post a passer rating over 100 when targeting him each of the past three seasons. His injury history and age will drive down his price somewhat, but he’s still a proven No. 2 receiver.

TE Jesse James

The Detroit Lions’ cap savings will be marginal — just $2.1 million in cap space this year, and another $7.2 million in 2022 — but James’ role had diminished since the arrival of 2019 first-round pick T.J. Hockenson. The 26-year-old was a solid option in Pittsburgh, with three straight seasons of 300-plus receiving yards from 2016 to 2018.

James combined for just 271 receiving yards and two touchdowns over two seasons in Detroit, but at 6 feet 7, 255 pounds, he’s a sound blocker and shouldn’t cost a bundle.

TE Tyler Eifert

The Jacksonville Jaguars are expected to decline the team option on Eifert’s contract, sending him to free agency once more. The former first-round pick, limited by injuries to just 14 games from 2016 to 2018, has stayed healthy the past two years, missing just one game.

But Eifert is no longer the weapon he was in his early years with the Bengals. He had 436 receiving yards in 2019, his last year in Cincinnati, and 349 for the Jaguars last season. Eifert’s yards per catch fell to 10.1 and then 9.7 over the past two years, both career lows. Still, he could be a solid secondary receiving option at tight end, and Nick Boyle’s injury left the Ravens thin there in 2020.

TE Kyle Rudolph

After 10 seasons together, the Minnesota Vikings released Rudolph in early March, saving $5.1 million in cap space and parting ways with three years still remaining on the contract extension he signed in 2019.

Rudolph caught 28 of his 35 targets last season and finished with 334 receiving yards, his lowest output since a nine-game 2014 season. Vikings quarterback Kirk Cousins has called the 6-6 Rudolph “the smartest player I’ll ever play with,” and the 31-year-old was a consistent red-zone threat in Minnesota. But Rudolph indicated before his release that he wanted a bigger role in the Vikings’ offense, and playing time could be similarly precious in Baltimore.

OT Rick Wagner

The Packers cut Wagner last month to clear $4.2 million in cap space, even after a solid season in Green Bay. The former Ravens lineman started nine games at right tackle and finished as the NFL’s No. 24 offensive tackle, according to Pro Football Focus.

Wagner, 31, was reportedly considering retirement after his departure from Green Bay, but he’ll likely have strong interest from teams needing a starting right tackle or potential swing tackle. The Ravens, for now, have two high-quality starting tackles on their roster, but if Orlando Brown Jr. is traded during the first wave of free agency, Wagner would be a capable replacement. He grades out well in pass protection and typically avoids mistakes as a run blocker.

G Kevin Zeitler

Zeitler, who agreed to a three-year deal with the Ravens on Monday morning, was released last week by the New York Giants, who cleared $12 million in savings. He graded out as the league’s No. 32 guard overall, according to PFF, higher than the Ravens’ top-rated guard, Bradley Bozeman (No. 40 overall). In 16 games, the 31-year-old gave up two sacks and committed four penalties.

He’s missed just one game since 2015 and has started 134 total over his career with the Cincinnati Bengals, Cleveland Browns and Giants.

DE Carlos Dunlap

The Seahawks saved $14.1 million in cap space by cutting Dunlap, who turned 32 in February and had no remaining guaranteed money in the final year of his contract. Seattle’s expected to pursue him again in free agency, where his price tag is expected to drop.

Dunlap had five sacks and 18 quarterback pressures in eight games with Seattle, which acquired him in a midseason trade with the Cincinnati Bengals. But according to ESPN, he ranked just 45th out of 46 qualifying edge rushers in Pass Rush Win Rate last season. Like Yannick Ngakoue, Dunlap also has little experience playing in coverage.

LB Kyle Van Noy

After trying and failing to find a trade partner, Miami released Van Noy on Wednesday, just one year into a four-year, $51 million contract. He was set to make $12.5 million this season, and the Dolphins saved $9.8 million in space with his release.

Van Noy, who turned around his career in New England after a disappointing start with the Detroit Lions, has the mix of coverage skills, positional flexibility and pass-rush ability that the Ravens covet from their outside linebackers. He had a career-high 6 ½ sacks with the Patriots in 2019 and six sacks last season for Miami despite a persistent hip injury. Van Noy turns 30 later this month.