The Ravens accomplished their No. 1 offseason objective earlier this week with Joe Flacco's contract extension.
Then the next day, they made some of the "tough decisions" that general manager Ozzie Newsome alluded to at the Combine, releasing longtime veterans Daryl Smith and Chris Canty.
Suddenly, with those moves, the Ravens find themselves with more than $10 million in cap space they didn't have two days ago. So does this mean a spending spree when free agency opens March 9?
The Ravens still have a lot of housekeeping to do before that, including offering any tenders to restricted free agents. The most pressing issue in that regard is wide receiver Kamar Aiken. If the Ravens want to keep Aiken, they might need to assign him a second-round tender, which would cost roughly $2.5 million. That means if another team made Aiken an offer that the Ravens refused to match, the Ravens would receive a second-round draft pick as compensation.
If the Ravens offer Aiken the low-round tender ($1.67 million), the Ravens would get nothing in return if Aiken left because he was undrafted.
Either way, Aiken -- and possibly Brynden Trawick -- could get restricted free-agent tenders, which will eat into some of that cap savings.
If the Ravens want to free up even more space -- potentially keeping them in the running to retain Kelechi Osemele or go after another top-dollar free agent -- more cuts could be coming.
Here are a few other potential cap casualties in the next few days:
CB Kyle Arrington -- Cap savings: $1.43 million
Arrington never established himself as the slot/nickel corner the Ravens were looking for, and even with Lardarius Webb moving to safety, the Ravens might be ready to move on from the veteran.
S Kendrick Lewis -- Cap savings: $933,000
Lewis doesn't generate much cap savings, but with Webb moving to safety, is there room for all these safeties? Something might have to give, and Lewis did not do much to solidify his starting job last season. Ozzie Newsome has already said he views Webb as a starter.
S Matt Elam -- Cap savings: $1.32 million
Like Lewis, Elam is caught in a logjam at safety, and presumably begins the season behind Webb and Will Hill on the depth chart. Would the Ravens give up on their former first-round draft pick after just three years, one of which was lost to injury?
S Will Hill -- Cap savings: $3 million
Sense a theme here? How much money and manpower will the Ravens commit to the safety position, with Webb also moving there? Hill was the best safety on the team last year, but the Ravens would save $2 million more cutting him instead of Lewis.
T Eugene Monroe - Cap savings: $2.1 million
Cutting Monroe would save in excess of $2 million, but would saddle the Ravens with more than $6 million in dead money, and they aren't likely to do that unless they know Osemele is coming back. But Osemele is going to test the market, which means Monroe should be safe -- for now.
[RELATED: Ravens decline option on Chris Canty]