Last year, the Ravens signed Tony Jefferson to a four-year deal worth up to $37MM. This year, the Ravens moved some of that cash around to give themselves breathing room under the cap. Baltimore converted $5MM of Jefferson’s $6MM base salary into a signing bonus, creating $3.3MM in space for 2018, Field Yates of ESPN.com tweets. 
As you may recall, the Ravens’ tight cap situation prevented them from signing Dez Bryant earlier this offseason. Bryant asked the Ravens for a lucrative one-year deal, but due to financial restrictions, the Ravens were only able to offer a three-year, $21MM deal that would have given him higher salaries in 2019 and 2020. Bryant turned Baltimore down and the Ravens instead signed restricted free agent Willie Snead.
Jefferson, 26, had a solid first year with the Ravens as he totaled 79 tackles, 2.5 sacks, and an interception. Pro Football Focus ranked Jefferson as the 24th best safety in the NFL last year, which probably sets a more realistic standard for his future performance than his No. 5 ranking in 2016.
The Ravens project to start Jefferson and Eric Weddle at safety alongside cornerbacks Brandon Carr and Jimmy Smith. Last year’s first-round pick Marlon Humphrey also figures to see significant playing time at corner.
After this season, Jefferson will have two more years to go on his deal with cap numbers of $10.99MM and $9.99MM.