OWINGS MILLS, Md. — The Baltimore Ravens and running back Ray Rice have reached agreement on a new five-year contract.
The Ravens and Rice had until 4 p.m. Monday to reach a deal, and they went right down to the deadline before hammering it out. Had Rice not signed, the standout running back would have played the 2012 season under the $7.7 million franchise tag tender.
ESPN reports the contract is worth $40 million.
As Baltimore’s franchise player, Rice would not have been required to report at the start of training camp. Baltimore will hold its first full squad workout July 26.
Rice earned his second Pro Bowl invite last year after leading the NFL with 2,068 yards from scrimmage. The four-year veteran has rushed for more than 1,000 yards in each of the last three seasons.