After a quick start in free agency, the Ravens haven't signed anybody since agreeing to a deal with cornerback Brandon Carr on March 16.
Team president Dick Cass said that trend will likely continue until after the draft because the team wants to ensure that it gets awarded at least one compensatory selection in 2018.
The Ravens are currently either plus one or plus two in the compensatory formula, depending on how the situation plays out. They have signed three true unrestricted free agents (running back Danny Woodhead and defensive backs Tony Jefferson and Brandon Carr) while losing five (fullback Kyle Juszczyk, wide receiver Kamar Aiken, offensive linemen Rick Wagner and Vladimir Ducasse and defensive end Lawrence Guy).
"It’s conceivable that we’ll do something, but it’s more likely to me that it will be something after the draft," Cass said in an interview with The Sun on the first full day of the NFL owner's meetings at the Arizona Biltmore Hotel. "We’d like to preserve the opportunity to win a compensatory draft pick. But you never say never. If an opportunity comes along, we might take it."
The Ravens could still preserve a compensatory selection by adding a player who was cut by another team and therefore doesn't factor in the formula, or they can wait until May 9 to sign another free agent. Any free agents signed after that date also don't count in the compensatory formula.
The Ravens have approximately $8 million of salary cap space, but they'll need some of that money to sign draft picks and to maintain roster flexibility come September.
"I feel good about where we are," Cass said. "I think we’ve made some good investments in our future. We have some cap room left, but we have to be careful with it. If we don’t use it, we can roll it over until next year. I suspect we will use it, but I suspect it will be after the draft."