The Baltimore Ravens have watched their top two free agents leave, and free agency doesn't officially begin until Tuesday.
It stings that wide receiver Torrey Smith and pass rusher Pernell McPhee, two players the Ravens developed for four seasons, are going to make big plays elsewhere in 2015. But it would sting more long-term if the Ravens matched what they received.
McPhee will reportedly sign a five-year, $40 million with the Chicago Bears, and Smith is expected to average $8 million to $9 million per season after saying goodbye to the Ravens on Sunday night. The San Francisco 49ers are considered the favorites to land Smith.
The Ravens, who are projected to have around $5 million to $8 million when free agency begins, aren't in a position to match those offers. Even if the Ravens did have the cap room, why would the Ravens want to match those deals?
This is a franchise that has maintained a strong run of success -- six playoff seasons in seven years -- by not overpaying for players. The Ravens can't give $8 million per year to McPhee, a backup who played less than half of the defensive snaps. They can't give nearly $16 million guaranteed to McPhee after he's recorded 17 career sacks. McPhee's contract numbers should sound familiar. Paul Kruger signed a five-year, $40.5 million deal (including $13 million guaranteed) with the Browns after one breakout season with the Ravens.
It's a case of simple economics with Smith as well. If Smith gets $8 million per season (which is realistic given that Randall Cobb re-signed with the Packers for $10 million per season), he would become the 17th-highest paid wide receiver. The Ravens can't pay top-20 money to a receiver who ranked 49th in receptions since 2011, which was Smith's first season in the NFL.
"You have to look at it this way: If we were to go after the market on Pernell, how many other players would we not have on the Baltimore Ravens?," general manager Ozzie Newsome said last month. "And that's kind of the way we look at this thing. Do we pay market for some players? Yes. But we have to look at how we can't pay everybody market value, because it would hurt our roster overall in trying to retain other guys and then go out in the market and get other guys."
The Ravens' history of paying market value in recent years includes a Super Bowl Most Valuable Player (quarterback Joe Flacco), a perennial Pro Bowl guard (Marshal Yanda) and a starting left tackle (Eugene Monroe). Smith and McPhee don't fit into that category. Smith is a solid No. 2 receiver, and McPhee was on the field for 47.2 percent of the Ravens' defensive snaps last season.
This has become the Ravens' way. They'll let other teams open up the wallet for the likes of Kruger, linebacker Dannell Ellerbe, defensive tackle Arthur Jones and offensive tackle Michael Oher. A year later, the Ravens receive compensatory picks in return to replenish the roster with younger and more affordable talent.
It was the same way in 2011, when the Ravens received a fifth-round compensatory pick for losing defensive lineman Dwan Edwards (a former second-round pick) in free agency and they used it to draft McPhee. Now, McPhee is gone and the Ravens will get a third- or fourth-round pick in return for the 2016 draft.
The Ravens build their roster through the draft and not overspending in free agency.