Cornerback was one of the hardest-hit positions during the Ravens’ injury-plagued 2021 campaign. If their two former All-Pros at that spot can return to form this season, though, the team’s defense could be well-positioned for a bounce back. 
Much will therefore depend on the health and play of Marcus Peters. The 29-year-old missed all of last season due to a torn ACL he suffered during the preseason. His absence was compounded by the later loss of Marlon Humphrey, as Baltimore ended the season on a six-game losing streak which cost them a playoff berth. Peters has been successfully recovering during the offseason, however; head coach John Harbaugh said in May that his rehab was “coming along really well.”
Still, as The Athletic’s Jeff Zrebiec notes (subscription required), Peters is one of several Ravens who are candidates to begin training camp on the PUP list. That will raise questions about his Week 1 availability for a time, but assuming he is cleared by the start of the regular season, attention will quickly turn to his financial situation.
Peters has one year remaining on his current deal, at a cap hit of $15.5MM. That figure ranks third in the league this season amongst corners, which stands out for Baltimore given their tight salary cap situation. As a result, Zrebiec names him as a player the Ravens could look to extend “sooner rather than later.” The team has already done so previously, giving him a new three-year deal in December of 2019.
However, as Zrebiec points out, the team will in all likelihood wait to see how well he plays upon returning from such a significant injury. If he plays at the Pro Bowl level he has through much of his time in Charm City, a new contract giving him security for the short- or intermediate-term future (and, perhaps, opening up some financial wiggle room for the team in the process) would make sense. However, if his knee shows ill effects, that would couple with his age to give the Ravens pause regarding another significant investment in him.
Play-wise, at least, Trevon Diggs reminds me of Peters when he was younger. They both give up a lot of yards, but take away the ball. These days, having Peters and Humphrey allows the Ravens to have one really elite press corner who is very physical and another who excels at producing turnovers. The question is, though, how Peters returns from his ACL injury, since he does gamble on his closing speed and agility so much to trick quarterbacks and receivers.
The problem for Baltimore is that they don’t have much quality depth behind Peters and Humphrey-at least none that has been tested. For that reason, I think that they’d like to hold on to Peters at least until they identify another starter. Baltimore wants to contend and would probably want to extend Peters now to reduce his cap hit as they negotiate with Jackson. It’s doubtful that they’d do so until they see how he returns from his ACL tear.
In any case, the Ravens now have a year to decide if they want to trade Peters, extend him, or let him walk in favor of finding a new starter.