Hours after the lockout was lifted and a reported approximate $120 million cap was announced, Ravens General Ozzie Newsome released this statement:
“We are excited to be back in the business of football and looking forward to having our players back,” Newsome said.
“With this agreement comes a new salary cap, unlike last season when there was no cap. We will be making a number of roster moves in the next 48 hours that will free up salary cap space. This will give us the ability to make offers to our players we want to re-sign, plus put us in a position to sign free agents from other teams.”
ESPN reported last week that the Ravens are $5.33 million under the 2011 salary cap.