2024 NFL offseason: Key dates and Ravens contract options that’ll free up millions in cap space
With the Super Bowl in the rearview mirror, the Ravens and 31 other NFL teams will start financially retooling to advance to the 2024-25 postseason.
Joel Corry of CBS Sports recently looked inside at key offseason dates starting with the first week of the 2024 league year, which begins March 13.
Some dates will free up cap space for Baltimore, while others will force GM Eric DeCosta to make hard decisions.
Here’s a look at the key dates and players impacted via Over The Cap.
Feb. 12
The waiver system for 2024 has started and players with fewer than four years of service for benefits purposes are subject to waivers and their contracts can be claimed by other teams.
Players with four or more years of service become free agents when released and can be immediately signed.
Feb. 20
The 15-day period where teams can designate franchise or transition players begins. Ravens defensive tackle Justin Madubuike, Jaguars edge rusher Josh Allen, Panthers edge rusher Brian Burns, Bengals wide receiver Tee Higgins, and Bears cornerback Jaylon Johnson are prime franchise tag candidates.
Feb. 27-March 4
The NFL Scouting Combine takes place in Indianapolis. Meetings between agents of impending free agents and teams routinely occur at the combine.
March 5
The period for designating franchise or transition players ends at 4 p.m. ET, and Baltimore will have made a decision on Justin Madubuike or Patrick Queen.
March 11-13
With the new league year starting, Baltimore will have an early three-day period of early negotiations ahead of the start of free agency.
March 17
This is the deadline for the Ravens to exercise an option for quarterback Lamar Jackson that’ll add a dummy year to his contract.
Baltimore is set to hand out a $17.5 million payment to the MVP that’ll reduce Jackson’s 2024 base salary from a fully guaranteed $31.75 million to a fully guaranteed $14.25 million.
Jackson’s 42.75 million base salary was guaranteed for injury. $22.5 million of the $42.75 million was fully guaranteed at signing. The remaining $20.25 is fully guaranteed. Jackson’s injury guaranteed $750,000 2025 workout bonus is also fully guaranteed on this day.
March 17
This is the deadline for the Ravens to exercise an option for linebacker Roquan Smith’s 2027 contract year worth $16 million.
Baltimore will pay $12 million to lower Smith’s fully guaranteed $18 million 2024 base salary to $6 million.
Smith’s $15 million 2025 base salary was guaranteed for injury at signing.
March 17
Ravens tight end Mark Andrews has a $4 million roster bonus due.
March 17
Ravens offensive tackle Ronnie Stanley is a potential salary cap casualty, and he’s due a $4 million roster bonus on this day.
March 18
Cornerback Marlon Humphrey has a $6.5 million injury guarantee that vests to a full guarantee for skill, cap, or injury.
