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The Ravens have signed wide receiver Willie Snead IV to a one-year contract extension, the team announced Tuesday.

Snead, who’s third on the team with 223 receiving yards and has 15 catches for two scores this season, is in the final year of a two-year, $7 million deal he signed in 2018. The 27-year-old led the team with 62 catches last season, and his 651 receiving yards were second most on the team.

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Terms of the deal were not immediately known, but ESPN reported Monday that Snead is guaranteed $6 million in 2020. A restructured contract would give the Ravens added flexibility ahead of Tuesday’s trade deadline. After trading for cornerback Marcus Peters, the team has among the NFL’s most limited salary cap situations, which could make acquiring other players difficult.

Snead, who was undrafted out of Ball State in 2014, had 1,971 receiving yards from 2015 to 2017 with the New Orleans Saints, including back-to-back seasons of 895-plus yards. But off-field troubles and on-field struggles led him to Baltimore, where he found immediate production with quarterback Joe Flacco. After Lamar Jackson took over in Week 11, Snead had three games with 8 or fewer yards and three with 51 or more.

This season, Snead has rated as Pro Football Focus’ No. 84 wide receiver, behind rookies Marquise “Hollywood” Brown and Miles Boykin. He leads all Ravens at the position with 346 snaps on offense, or 66.4% total.

“Grateful For Baltimore, Love Being a Raven!!" Snead wrote Monday.

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