Ravens agree to revised contract with Marcus Williams

The Ravens agreed to revised contract terms with Marcus Williams to facilitate his departure this offseason.

The writing was already on the wall for Marcus Williams, but today’s news of a revised contract (per Jason Fitzgerald of OverTheCap) made it clear that he will not be a Raven next season.

The new deal reduces Williams’ 2025 salary by $9.9 million, which drops his cap hit to $8.8 million. Previously, Williams would have accounted for $18.7 million on the Ravens’ 2025 cap until June 1.

The contract revision is essentially an accounting maneuver to facilitate Williams’ release this offseason. Now, the Ravens can cut him in March with a post-June 1 designation; the team still has to carry his $8.8 million cap hit (down from $18.7 million) until June 1, but Williams will be able to hit the open market before other teams spend all of their money.

After June 1, the Ravens would receive an additional $2.1 million in cap savings from Williams’ release, with dead cap hits of $6.7 million in 2025 and 2026. The team’s total of $12 million in cap savings would have been the same either way, but the revised contract gets Williams his freedom and the Ravens their cap savings much faster.

Williams’ original five-year, $70 million deal was originally seen as a solid value, especially after several safeties outpaced his $14 million average annual value in the next few years. He led the Ravens with four interceptions in 2022, but missed seven games due to a dislocated wrist. A pectoral tear limited Williams to just 11 games in 2023, but he was still an effective safety.

But this season, he has been inexplicably bad, surrendering a perfect 158.3 passer rating when targeted along with a career-low 37.3 coverage grade from Pro Football Focus. Since Williams’ benching in Week 11, the Ravens have been one of the best defenses in the league.

It’s tough to identify any single reason for the drop in Williams’ play. Losing defensive coordinator Mike Macdonald and defensive backs coach Dennard Wilson couldn’t have helped. Williams was also on pace for a career-high number of snaps in the box, though his per-game averages were similar to his first two seasons in Baltimore.

Williams will likely go down as the most disappointing signing of Eric DeCosta’s early regime as general manager. His $70 million deal was the biggest contract to an external free agent in franchise history, amounting to just under $2.2 million per regular-season appearance as a Raven. (It’s worth noting that Williams’ guarantee structure was less aggressive than Baltimore’s in-house extensions. That allowed the financial flexibility to revise the contract and escape with minimal deal cap hits, serving as a small safeguard against this kind of collapse in performance.)

Still, the former Saint is only 28 years old and overcame multiple injuries to post solid numbers in 2022 and 2023. It wouldn’t be shocking to see him find a friendlier role on a new team and recapture some of his previous form. The Titans are currently returning just one safety from their 2024 roster, and Wilson is now their defensive coordinator. Signing Williams to a one-year, ‘prove it’ deal in a familiar defense could bring out the best in the veteran safety.

The Ravens, meanwhile, will free up some cap space for their offseason roster maneuvering, which could include multiple moves at safety. The Ravens will have to decide on a restricted free agent tag for 2021 UDFA Ar’Darius Washington. He has been exceptional since joining the starting lineup, but is unlikely to be worth a first- or second-round pick to other teams. The right of first refusal tender of $3.185 million (as projected by OverTheCap) will more-than double Washington’s earnings over his first three seasons while giving the Ravens room to negotiate a long-term deal.

Kyle Hamilton is also eligible for an early extension this offseason, though he will have two years remaining on his rookie contract once the Ravens officially pick up his fifth-year option. The All-Pro will be looking to reset the safety market with his long-term deal and could even push to be the highest-paid defensive back in the league.

Hamilton’s pending extension was already casting doubt on Williams’ future in Baltimore – how could the Ravens afford two top-10 safety contracts? – and Washington’s ascension slammed the door shut. His upside is tremendous; Washington just turned 25 years old, and this season is the first significant stretch of playing time in his NFL career. A full offseason starting next to Hamilton could unlock even more in both players and give the Ravens one of the league’s best safety duos.