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

Jan 6, 2019; Baltimore, MD, USA; Detailed view of the Baltimore Ravens logo at midfield during an AFC Wild Card playoff football game against the Los Angeles Chargers at M&T Bank Stadium. Mandatory Credit: Kirby Lee-USA TODAY Sports

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

BALTIMORE, MARYLAND – DECEMBER 31: Justin Madubuike #92 of the Baltimore Ravens reacts during an NFL football game between the Baltimore Ravens and the Miami Dolphins at M&T Bank Stadium on December 31, 2023 in Baltimore, Maryland. (Photo by Michael Owens/Getty Images)

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

Mar 2, 2023; Indianapolis, IN, USA; Clemson linebacker Trenton Simpson (LB28) participates in drills during the NFL Combine at Lucas Oil Stadium. Mandatory Credit: Kirby Lee-USA TODAY Sports

The NFL Scouting Combine takes place in Indianapolis. Meetings between agents of impending free agents and teams routinely occur at the combine.

March 5

SANTA CLARA, CALIFORNIA – DECEMBER 25: Brock Purdy #13 of the San Francisco 49ers attempts a pass while pressured by Justin Madubuike #92 and Odafe Oweh #99 of the Baltimore Ravens during the second quarter at Levi’s Stadium on December 25, 2023 in Santa Clara, California. (Photo by Loren Elliott/Getty Images)

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

Oct 9, 2022; Baltimore, Maryland, USA; Baltimore Ravens general manager Eric DeCosta on the sidelines during the game against the Cincinnati Bengals at M&T Bank Stadium. Mandatory Credit: Tommy Gilligan-USA TODAY Sports

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

LAS VEGAS, NV – FEBRUARY 8: Lamar Jackson of the Baltimore Ravens poses for a portrait after winning MVP at the 13th Annual NFL Honors on February 8, 2024 in Las Vegas, Nevada. (Photo by Todd Rosenberg/Getty Images)

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

BALTIMORE, MARYLAND – JANUARY 28: Roquan Smith #0 of the Baltimore Ravens reacts during the first quarter against the Kansas City Chiefs in the AFC Championship Game at M&T Bank Stadium on January 28, 2024 in Baltimore, Maryland. (Photo by Patrick Smith/Getty Images)

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

BALTIMORE, MARYLAND – JANUARY 28: Mark Andrews #89 of the Baltimore Ravens reacts during the first quarter against the Kansas City Chiefs in the AFC Championship Game at M&T Bank Stadium on January 28, 2024 in Baltimore, Maryland. (Photo by Patrick Smith/Getty Images)

Ravens tight end Mark Andrews has a $4 million roster bonus due.

March 17

BALTIMORE, MARYLAND – NOVEMBER 05: Gus Edwards #35 of the Baltimore Ravens celebrates a touchdown with Ronnie Stanley #79 during the second quarter in the game against the Seattle Seahawks at M&T Bank Stadium on November 05, 2023 in Baltimore, Maryland. (Photo by Patrick Smith/Getty Images)

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

Sep 28, 2020; Baltimore, Maryland, USA; Kansas City Chiefs tight end Travis Kelce (87) is tackled after his catch in the first quarter by Baltimore Ravens cornerback Marlon Humphrey (44) at M&T Bank Stadium. Mandatory Credit: Mitch Stringer-USA TODAY Sports

Cornerback Marlon Humphrey has a $6.5 million injury guarantee that vests to a full guarantee for skill, cap, or injury.