Ravens bring back Reed (no, not that one)

AP

The Ravens finished up a smaller piece of business, and have a bigger one on deck before this afternoon.

According to Aaron Wilson of the Baltimore Sun, the Ravens signed wide receiver David Reed to a two-year contract, which will be worth up to $2.5 million and includes $500,000 in signing bonus.

That’s important in that it comes in less than the $1.3 million they’d have needed to tender him as a restricted free agent, saving them some cap space.

They’ll need that for the offer they’re preparing for linebacker Dannell Ellerbe, which they’re going to hand him prior to the 4 p.m. start of free agency.

While Ellerbe figures to be a hot target, the Ravens held off with their offer, probably to keep it from being used as leverage over weekend during the legal tampering window.

We’ll see later today whether their strategy was worth it, or whether Ellerbe’s head was turned by the interest from others.