Steve Smith's salary is $4.1 million but $1.1 million is guaranteed so that would still count against the salary cap regardless if SSS retires or gets cut. $ 4.1 million - $ 1.1 million = $3 million So, he frees up $ 3 million - Who's not counting right? Right now the Ravens are about $10 million under the salary cap for next year, NOT counting Yanda, KO, Tucker, etc or any UFA the Ravens have. Assuming Flacco reworks his deal to what he's getting paid now ($14.5 million - ranked 12th in NFL), that frees up another $14 million. If, like you say, the Ravens keep Yanda & Tucker and let everyone else walk, those two will add $10 million ($8 million for a top G and $2 million for top K). So that leaves about $14 million left. The draft picks will take up another $5-6 million, leaving $8-9 million WITHOUT adding a single player. Second, this is Alshon's first real contract and he's one of the higher end young WRs. So based off the 1st real contracts of other WRs: Dez $ 14 million, Demarius Thomas $ 14 million, Julio $ 14 million, Maclin $ 11 million, VJax $ 11 million, Cobb $ 10 million, Torrey $ 8 million, I would slot Alshon behind the big 3 but ahead of Maclin. So, basically $12 million per. SSS & Dumervil were late off season cuts when most teams had little cap space left. Boldin was a 30 year old WR that still got $8 million per year back in 2010 - not exactly under market. Monroe was an average LT for 4 years with the Jags (which is why they dealt him), so not exactly a top shelf LT when he hit the FA market. None of those examples really compare to Alshon's FA situation. Especially considering that he is by far the best FA on a really weak WR market next year (the next two guys - Percy Harvin, Michael Crabtree), he is easily in the $10 - 14 million range (I split the difference). Again, Dallas, Atlanta, Detroit all pay top dollar for WR's, guess what they all have in common? They are watching the play-offs from home come January. Guess what teams don't pay top dollar for WR's? Seattle, New England, Baltimore, Green Bay. See the pattern? In fact, I bet if you look at the stats of free agent WRs AFTER they sign a big deal, it will prove even more that paying top $ for a #1 WR is not a good investment. (See Dez 2015, Damarius 2015, Golden Tate 2014, DeSean Jackson 2014, Mike Wallace 2013, Jennings 2013 - all the top WR free agents that year)