That's enough room for the Super Bowl champions to sign veteran free agents, their upcoming draft class and, possibly, hammer out long-term extensions for a player under contract like tight end Dennis Pitta or offensive tackle Michael Oher.
The last contract the Ravens negotiated was a one-year, $715,000 deal with veteran quarterback Caleb Hanie, who was signed to be the third quarterback behind starter Joe Flacco and backup Tyrod Taylor.
Hanie didn't receive a signing bonus and his deal includes a split salary. Under the minimum salary benefit exercised on the contract, his salary-cap figure is just $555,000.
The top salary-cap figures on the roster are: outside linebacker Terrell Suggs ($13.02 million), defensive tackle Haloti Ngata ($11.5 million), offensive guard Marshal Yanda ($7.45 million), cornerback Lardarius Webb ($7.385 million), quarterback Joe Flacco ($6.8 million), running back Ray Rice ($5.75 million), offensive tackle Michael Oher ($4.95 million), fullback Vonta Leach ($4.33 million) and inside linebacker Jameel McClain ($4.2 million).
The Ravens will regain $2 million in salary-cap room after June 1 because of designating strong safety Bernard Pollard as a post-June 1 cut.
Ravens general manager Ozzie Newsome said the team wants to be proactive about attempting to sign players under contract, including players heading into a contract year like Pitta and Oher.
"We always look to get ahead," Newsome said. "We tried that with Joe [Flacco] a year ago. So, will we try to sign some of our guys that will be [free agents]? Yes, we will try. It's a little more difficult in the last year because they get the opportunity to start to smell free agency, and they see what happens to their peers that get into free agency and the market that they command, but we will attempt to probably sign some of those guys."
By making roster cuts of veterans and trading wide receiver Anquan Boldin, the Ravens were attempting to create a salary-cap structure where they can retain younger players.
"I think what we did is we just wanted to make sure that when we look downstream that we were able to keep the Torreys [Smith], the Pittas, guys that we wanted to keep," Newsome said. "If you don't make tough decisions this year, then it will be tougher to keep those guys in years to come."