Ravens will be strapped for cap space with Eugene Monroe, Dennis Pitta among upcoming free agents

Mitch Stringer-USA TODAY Sports

The Baltimore Ravens will have some big decisions to make regarding some pending free agents, and may have to get creative with restructuring contracts to retain some key pieces.

The Baltimore Ravens don't have a whole lot of projected cap room for the 2014-15 season. Baltimore may have won the Super Bowl last season, but the Ravens finished 8-8 this year, and have an awful lot of high contracts on the books for next season, as noted by Aaron Wilson of The Baltimore Sun.

With a projected NFL salary cap of $126.3 million, the Ravens will spent $70.9 million of that cap space on Haloti Ngata, Joe Flacco, Terrell Suggs, Lardarius Webb, Ray Rice and Marshal Yanda.

All of these players have, of course, proven their worth and are in no danger of being cap casualties, obviously. But one has to wonder if any of them re-work their deals to help the Ravens retain some of the big names set to hit free agency. With very little spending money, restructuring contracts might be the best option going forward.

Some big names set to hit the open market include nose tackle Terrence Cody, tight ends Ed Dickson and Dennis Pitta, left tackle Eugene Monroe, defensive lineman Arthur Jones and middle linebacker Daryl Smith.

All of those players could command significant contracts, and it seems unlikely that the Ravens would be able to find the money for all of them. Jones is one notable name for the simple fact that the Ravens probably have little chance at retaining him either way. He was very good this season, and will likely command top dollar on the open market.

Pitta may have been dealing with significant injuries this season, but the Ravens will probably place a priority on retaining him. Those injuries might bring down the cost so the Ravens can afford him. Monroe is a big name as well, and looked good since the Ravens acquired him from the Jacksonville Jaguars.

The Ravens are projected to have less than $20 million in cap space next season, as noted by Wilson. They've got more than $20 million's worth of departing free agents.

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