Ravens exercise 2017 option for Wallace, finalize other signings

After recording his first 1,000-yard season since 2011, veteran wide receiver Mike Wallace is returning to the Ravens for a second season.
Baltimore exercised its option on the 30-year-old, which will pay him $5.75 million for the 2017 season. After disappointing stops in Miami and Minnesota, the former Pittsburgh Steeler revitalized his career in 2016 by making 72 catches for 1,017 yards and four touchdowns and led the NFL with five receptions of 50 or more yards.
Wallace’s return became a foregone conclusion once former Ravens wide receiver Torrey Smith agreed to a three-year, $15 contract with the Philadelphia Eagles earlier on Thursday. Baltimore had discussed a potential reunion with the former Maryland standout and may have elected to let Wallace go to clear some salary-cap space under such a scenario.
With Steve Smith having retired and Kamar Aiken hitting the free-agent market, the Ravens couldn’t afford to lose Wallace with 2015 first-round pick Breshad Perriman being the most experienced receiver behind him on the depth chart. Baltimore still needs to add a possession receiver to work the intermediate portion of the field, but Wallace, Perriman, and 2016 fourth-round pick Chris Moore make up an interesting trio of vertical threats.
In addition to picking up Wallace’s option, the Ravens officially announced their reported deals with safety Tony Jefferson, running back Danny Woodhead, and quarterback Ryan Mallett.
According to ESPN, Jefferson received a four-year, $36 million contract to become one of the highest-paid safeties in the NFL. The former Arizona Cardinal’s average annual salary of $9 million is the most given to a safety in franchise history, but the total amount is less than the six-year, $44.5 million contract awarded to future Hall of Fame safety Ed Reed in 2006.
Baltimore signed Woodhead to a three-year contract — an addition that holds more significance with the news of Kenneth Dixon being suspended for the first four games of the 2017 season — while Mallett received a one-year deal to remain as Joe Flacco’s backup.