The Baltimore Ravens have incurred a dead money hit of $8.3 million after voiding four contracts, according to ESPN’s Field Yates.
The team released veterans Kyle Fuller, Justin Houston, and Le’Veon Bell, and also voided the contract of rookie offensive lineman Tyre Phillips.
Fuller, who was acquired in a trade with the Chicago Bears last year, had two years remaining on his deal worth $20 million. Houston, who signed a two-year deal with the Ravens in 2022, had one year remaining on his contract worth $5 million.
Bell, who signed a one-year deal with the Ravens in 2022, was due to make $3 million in base salary in 2023. Phillips, who was drafted in the third round of the 2023 NFL Draft, was due to make $876,000 in base salary in 2023.
The dead money hit will count against the Ravens’ salary cap in 2023. The team is currently projected to have around $24 million in cap space, according to Spotrac.
The Ravens are expected to be active in free agency this offseason, as they look to improve their roster and contend for a Super Bowl title. The team has several key players set to hit free agency, including quarterback Lamar Jackson, tight end Mark Andrews, and defensive end Calais Campbell.
It’s important to note that the dead money hit is not the same as the amount of money that the Ravens will save by releasing these players.
The team will still be responsible for paying out the remaining guaranteed money on their contracts, but they will not be charged against the salary cap for those amounts.
For example, Fuller had $10 million guaranteed on his contract, so the Ravens will still have to pay him that amount even though he has been released. However, the $10 million will not count against the salary cap.
The dead money hit is simply the amount of money that the Ravens will be charged against the salary cap for the remaining years of the contracts that they have voided.
In this case, the Ravens will be charged $8.3 million against the salary cap in 2023.