Explaining the Ravens Cap Situation Entering Minicamp

The Ravens intent to consider spending substantially more money on their 2026 is fair to question after already setting a team record for payroll. But the ability to do so, from a cap perspective, is not up for debate.

The Ravens enter mini camp with a plenty palatable cap situation, certainly superior to other recent years in June, after utilizing the maximum savings possible in reworking MVP quarterback Lamar Jackson’s deal.  And, if they really wanted more flexibility, they could create more cash and cap by moving on from a declining run-stuffer, or certainly by asking Marlon Humphrey, coming off a brutal season, to take far less than the $19.25M he is scheduled to make if he wants to stick around.

These situations are never truly static and always open to interpretations. And further machinations. As longtime NFL general manager Marty Hurney put it to me on Thursday, “If the Rams are doing what they’re doing in terms of the cap, why aren’t more teams? It’s like the Dodgers in baseball, isn’t it?” Yeah, it is. Where there’s a will there’s a way.

And the Ravens could bring in a few more starters no problem, if they wanted to, without having to finagle the cap. They need multiple veteran offensive linemen, frankly.

Abundant Cap Space

After signing their draft class, the Ravens have $17.5M in cap space, per NFLPA data, with is slightly under the NFL average of $22M in cap space. They don’t have any pressing negotiations outside of Jackson, and each day we get closer to Week 1 the odds of getting that done decrease.

Lest you forget, the Ravens could have executed a reworked deal for Jackson that didn’t take him all the way down to the veteran-minimal salary. But they did, opening up $50M in cap space. It doesn’t sound like a Zay Flowers extension is imminent, and even if it is, they could structure the bulk of that to come in future years.

Unlike other teams, the Ravens aren’t dealing with any holdouts or the threat of any hold-ins during camp, which would complicate their cap situation. And people around the league are frankly mystified that Humphrey, who has not been at OTAs, is still carrying the massive salary he is currently set to make.

“I don’t get that at all,” said one veteran contract negotiator. “Is he worth $10M?”

Of course, Humphrey, like Jackson, is doing his own deal. That could make things a little more awkward.

So, if the Ravens wanted to bring in veterans to fortify an offensive line that badly needs it – HYPER, there is nothing stopping them from a cap standpoint. But having already committed over $350M to payroll this season, perhaps ownership is at a threshold.

Teams love hiding behind the salary cap for cover then they just don’t want to spend, or pay what the player is seeking. It’s convenient cover. It still wouldn’t really apply here, despite the committed cash spend for 2026.

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