The Ravens entered today with the least cap space in the league, so a move to generate some financial wiggle room was likely necessary at some point. To that end, the team has re-worked cornerback Marlon Humphrey‘s deal, reports ESPN’s Field Yates (Twitter link). 
The Ravens are converting $8.965MM – almost the entirety of Humphrey’s scheduled $10MM base salary – into a signing bonus. As a result of the move, Baltimore will add just over $7MM in cap space. Those funds will give the team some much-needed flexibility to make additions during or after training camp.
Humphrey is no stranger to restructures; the two-time Pro Bowler re-worked his deal last September. He represents a logical candidate for the process, as he is under contract through 2026 owing to the five-year, $98.75MM extension he signed in 2020. Even after some record-breaking deals signed this offseason, that pact still ranks among the most lucrative at the position.
The 26-year-old was limited to 12 games last season due to a torn pectoral muscle. The injury was one of many the Ravens had to deal with in the secondary, so a return to full health will be a welcomed sight in camp. He totalled 13 pass breakups and one interception last season, registering his worst performance to date in most coverage statistics. A bounceback is expected in 2022, when fellow All-Pro Marcus Peters is scheduled to return after being sidelined for all of 2021.
After the restructure, the Ravens still rank towards the bottom of the league in remaining cap space. Nevertheless, they now have the potential to make a modest addition or two in the near future.