After weeks of speculation and two workouts, restricted free-agent wide receiver Willie Snead IV has reportedly signed a two-year offer sheet with the Ravens, per ESPN's Adam Schefter.
The deal is reportedly worth $10.4 million, though $3.4 million is in incentives. However, Snead isn't a Raven yet.
The Saints have five days to match the offer. If they do, Snead reverts to New Orleans, where he's been participating in the team's offseason conditioning program.
The Saints, who placed a low tender on Snead, already added restricted free-agent wideout Cameron Meredith about a week ago.
Snead, 25, would give the Ravens a proven slot receiver that would complement Baltimore's earlier free-agent additions of Michael Crabtree and Smokey Brown. Snead could also help in the return game after Michael Campanaro signed with the Tennessee Titans.
Like Crabtree and Brown, Snead is looking to have a rebound season in his fourth NFL year. Snead caught just eight passes for 92 yards in 11 games. He began the season with a three-game suspension for a reported DUI, then suffered an early-season hamstring injury.
However, the Saints' low tender would have been quite a surprise a year ago.
In his first two seasons with the Saints and All-Pro quarterback Drew Brees, Snead caught 141 passes for 1,879 yards and seven touchdowns. In 2015, he registered 69 catches for 984 yards and three scores. He averaged 14.3 yards per catch.
The 5-foot-11, 195-pound Ball State product went undrafted in 2014. He was cut by the Cleveland Browns and Carolina Panthers before landing in New Orleans late in his rookie season. He earned a starting job midway through his second season.