The Ravens have plenty to focus on this offseason in free agency, with quarterback Lamar Jackson obviously taking up most of their attention, but the team has been working to keep another key player off the open market, according to Jeff Zrebiec of The Athletic. General manager Eric DeCosta told the media that he’s been in talks with cornerback Marcus Peters and his representation about remaining in Baltimore. 
Peters has been a sparkplug defender ever since winning Defensive Rookie of the Year and leading the league in interceptions in 2015. He made key plays for the Chiefs and Rams before finding his way to Baltimore to form one of the league’s top cornerback duos with Marlon Humphrey. He’s been named a first-team All-Pro twice in his career and is a three-time Pro Bowl selection.
Peters has long been a playmaker in the league, recording at least three interceptions in every season of his career except one. Over his eight years in the league, only seven of which saw him on the field, Peters has reeled in 32 picks with an astounding 822 return yards and six return touchdowns. He has plenty of accolades throughout his career, but with free agency looming, the focus will be on the past two seasons, in which Peters has missed 20 of a possible 33 games.
There’s no denying the talent and passion that Peters possesses, but after a torn ACL sidelined him five days before the 2021 season, Peters’s return to the league in 2022 was perhaps the worst statistical year of his career. In his first season back from injury, Peters only nabbed one interception and recorded a career-low six passes defensed. He still made a number of plays for the Ravens, but on a Baltimore defense that saw a few double-digit leads disappear late in games, Peters sometimes found himself liable for big plays.
Now facing free agency, Peters enters an interesting scenario. If the two most recent years were not taken into consideration, Peters would easily be a top candidate to earn the highest new contract for a free agent cornerback this offseason. He will be competing for that honor with Giants cornerback James Bradberry and Patriots cornerback Jonathan Jones. All are around the same age, but Bradberry and Jones both had much stronger seasons than Peters in 2022.
It will be interesting to see how the situation plays out between Baltimore and Peters before he even gets to free agency. The Ravens enjoyed success in the secondary when Peters, Humphrey, and safeties Chuck Clark and Marcus Williams were on the field this season. When Peters missed all of 2021, though, the Ravens allowed the most passing yards in the NFL. Their depth behind Peters and Humphrey didn’t improve much in 2022, and if Peters departs in free agency, cornerback immediately becomes a top priority for Baltimore.
The struggles the Ravens have had at cornerback behind Peters makes a new deal crucial. The team has had no issue in the past with shelling out dough on defense, much to the detriment of the offense, and at cornerback in particular. They can certainly take a chance on one of the top cornerback prospects in this year’s draft, but why take the risk if you believe Peters can return to form in 2023? The Ravens may also throw the kitchen sink at Los Angeles if Jalen Ramsey becomes available via trade, as has been rumored. Those two options provide the Ravens with the best chance to field a competent secondary, and extending Peters is likely cheaper than trading for and extending Ramsey.
There should be a mutual interest in the two parties reaching new agreement. For Peters, the Ravens will likely offer him a respectable contract due to his known chemistry and familiarity with the team, while other teams may low-ball the veteran cornerback because of his recent struggles. For the Ravens, they may get a discount, as opposed to if they went out and tried to sign Bradberry or Jones, and, in return, give Peters another chance to regain his All-Pro, ball-hawking status.
Regardless, it will be an interesting situation on which to keep an eye. Despite all the focus in Baltimore falling on the offensive side of the ball, Peters is yet another piece that the Ravens have found they struggle to win without. The team needs a top cornerback across from Humphrey, but how much are they willing to pay for one.