Pierce will earn $3.085 million.
He and fellow restricted free agent Patrick Onwuasor are candidates for extensions, Jamison Hensley of ESPN reports. The Ravens have extended kicker Justin Tucker, cornerback Tavon Young and offensive guard Marshal Yanda this offseason.
Pierce, 26, signed as an undrafted free agent in 2016. He has played 46 games with 16 starts since.
Pierce has 116 tackles, three sacks and three recovered fumbles in his career.