General Manager Ozzie Newsome finally has a big pot of money at his disposal.
The NFL told teams last week that the league will increase the salary cap in 2014 to $133 million, the highest amount in league history. The previous high was $127 million in 2009.
The bump represents about a $10 million increase from last season, and is welcome news for teams like the Ravens that typically spend very close to the cap.
"We have more salary cap space, so that makes it a little brighter situation," Head Coach John Harbaugh said during an interview at the NFL Scouting Combine.
The increase in the salary cap, along with new deals for outside linebacker Terrell Suggs and tight end Dennis Pitta, and the cuts of linebacker Jameel McClain and fullback Vonta Leach, gives the Ravens reportedly $26 million in cap space heading into free agency.
That could give the Ravens an opprortunity to be active on the open market.
"I think this year we'll probably use every avenue to make our team better," Newsome said at the combine. "If we feel like there's a free agent that could come in and impact our football team, then I think that would be someone that we would be attracted to. We will use every avenue this year to make our team better."
In addition to targeting some unrestricted free agents or cap casualties, the Ravens are also interested in re-signing their own players. The team has been in negotiations with left tackle Eugene Monroe and inside linebacker Daryl Smith, and Harbaugh said he was optimistic about the possibility of keeping them in Baltimore.
Other key players like defensive lineman Art Jones, cornerback Corey Graham, wide receiver Jacoby Jones, right tackle Michael Oher and safety James Ihedigbo are also set to become free agents. The new money could allow the Ravens to work out deals with some of them before they hit free agency.