The Baltimore Ravens find themselves in a challenging financial situation following the franchise tag of defensive lineman Justin Madubuike. Prior to the tag, the team had a reasonable $10 million in cap space. However, with the tag and a number of pending free agents, the Ravens now face a negative cap space, finding themselves at No. 26 with -$9.565 million over the cap, according to overthecap.com.

To address this issue, tough decisions and strategic moves will need to be made. The Ravens may have to consider making cap casualty cuts or negotiating pay cuts with key players such as left tackle Ronnie Stanley and cornerback Marlon Humphrey, who currently hold substantial cap hits of $26.17 million and $22.88 million respectively.

One likely candidate for a cap casualty cut is outside linebacker Tyus Bowser, who spent the previous season on the Non-Football Injury list. Cutting Bowser would provide some relief, bringing the Ravens to -$4.065 million.

Another possibility is parting ways with wide receiver Odell Beckham Jr. Reports suggest that the Ravens are still in talks with Beckham, but it is likely that they will ultimately release him with a Post-June 1 designation, which would free up $1.2 million in cap space. This move would bring the Ravens to -$2.855 million.

Additionally, considering the potential departure of right tackle Morgan Moses and the promotion of Daniel Faalele, the Ravens could save an additional $5.5 million, putting them at $2.644 million under the cap.

Fullback Patrick Ricard is another player whose future with the Ravens is uncertain. Although he is a valuable run blocker, parting ways with him would save $4 million, potentially bringing the Ravens' cap space up to $6.644 million.

Apart from making cuts, the Ravens can also explore the option of restructuring contracts to create more cap flexibility. One potential target for restructuring is safety Marcus Williams, although his recent injury history makes this outcome less likely. Restructuring his deal could reduce his cap hit by $7.19 million in 2024, resulting in a positive cap space of $4.33 million. Tight end Mark Andrews is another candidate for restructuring, potentially providing the Ravens with a savings of $4.937 million for 2024, giving them a total of $9.275 million.

However, it is important to note that restructuring contracts may have long-term consequences, as seen in the case of the New Orleans Saints. Pushing the cap limit can lead to future financial challenges and the departure of key players.

In order to navigate their cap woes and remain competitive for the upcoming season, the Ravens may need voluntary pay cuts from players like Stanley and Humphrey. While convincing players to accept lower salaries can be challenging, the financial security they have already achieved in their careers may make them more open to negotiation.

The Baltimore Ravens face the daunting task of resolving their cap figure while ensuring a competitive roster for 2024. While saving money is not an easy task and may result in the loss of valuable contributors, the team has several options at their disposal to address their cap challenges and maintain their competitiveness on the field.