General Manager Ozzie Newsome vowed to overhaul the Ravens' wide receiver corps, and he's followed through.
He chose not to re-sign Mike Wallace, who is now moving on with a one-year deal with the Philadelphia Eagles worth a reported $2.5 million, plus incentives, per NFL Network's Ian Rapaport.
Wallace, 31, led the Ravens in receiving yards each of the past two seasons, though his production dipped last year after topping 1,000 yards in his first season with Baltimore.
Last year, Wallace still lead Baltimore in receiving yards (748) and targets (92), and tied for the team lead in receiving touchdowns (four).
Wallace became an unrestricted free agent after his two seasons with the Ravens. Newsome said he was in contact with Wallace's agent about a possible return, but both sides were evaluating other options.
The Ravens instead signed Michael Crabtree and John "Smokey" Brown and reportedly hosted restricted free-agent wide receivers Willie Snead IV and Cameron Meredith on visits Thursday.
Wallace's departure and the release of Jeremy Maclin means the Ravens are down to two wide receivers from last year's team who caught a pass – Breshad Perriman and Chris Moore.
Wallace signing elsewhere helps the Ravens in the compensatory pick calculation. His signing essentially cancels out Baltimore's inking of Brown. As of now, it means the Ravens could be in line for a third-round compensatory pick in 2019 after Ryan Jensen got the richest contract for a center in NFL history from the Tampa Bay Buccaneers.