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Nearly three weeks into the start of the NFL’s new league year, the Ravens are one of football’s funniest paradoxes. Maybe no team lost as many valuable assets in the first wave of free agency. And yet no team is projected to win more games in 2026, either.

According to DraftKings, only the Los Angeles Rams, who fell just short of the Super Bowl a year ago, and the Ravens, who fired longtime coach John Harbaugh after their first losing season since 2021, have an NFL-high over-under of 11.5 wins. The defending Super Bowl champion Seattle Seahawks’ over-under is 10.5 wins. The defending AFC North champion Pittsburgh Steelers’ mark is 8.5 — behind the Cincinnati Bengals’ 9.5.

With just $9.5 million in effective salary cap space available, the Ravens have done the bulk of their free-agency spending this offseason. General manager Eric DeCosta and coach Jesse Minter are expected to enter the draft next month with 11 picks and several glaring roster holes to patch up.

Here’s where the Ravens have upgraded, downgraded or held steady since the end of last season.

Upgrade

Quarterback

Returning: Lamar Jackson, Tyler Huntley

Free agent: Cooper Rush

Rush’s release and Huntley’s return don’t really move the needle here. But a renewed Jackson does. The two-time NFL Most Valuable Player was rarely healthy last season, when he averaged just 222.9 yards of total offense per game, his lowest since becoming a full-time starter in 2019. Jackson’s late-season practice availability frustrated some on the Ravens’ coaching staff, and a reset there could be for the best.

Outside linebacker

Returning: Tavius Robinson, Mike Green, Adisa Isaac, Kaimon Rucker (practice squad)

Added: Trey Hendrickson

Lost: Dre’Mont Jones (New England Patriots), David Ojabo (Miami Dolphins)

Free agent: Kyle Van Noy

Even with his age and questionable run defense, Hendrickson gives the Ravens their first All-Pro-level edge rusher since Terrell Suggs. His arrival should more than offset Jones’ exit and help create pass rush opportunities for Green. The 2025 second-round pick averaged nearly three pressures a game over the second half of last season, according to Pro Football Focus. Robinson is a reliable edge setter whose pass rush productivity has improved every year (4.5 sacks in 10 games last year). The injury-prone Isaac might not offer more than Van Noy or Ojabo, who combined for 2.5 sacks in 29 games last year, but he still has untapped potential.

Cornerback

Returning: Nate Wiggins, Marlon Humphrey, Chidobe Awuzie, T.J. Tampa, Bilhal Kone, Robert Longerbeam, Keyon Martin, Amani Oruwariye (practice squad), Marquise Robinson (practice squad)

This is a bet on improved health. Wiggins had a minor foot injury late last season and underwent surgery in January. (Minter declined last month to specify the nature of the operation.) Kone and Longerbeam missed their rookie year with knee injuries. Humphrey, the biggest disappointment in an underwhelming position room, had midseason finger surgery. With Awuzie returning on a one-year deal and well-regarded defensive backs coach Mike Mickens taking over a talented room, the Ravens have a good foundation for a bounce-back year.

Downgrade

Running back

Returning: Derrick Henry, Justice Hill, Rasheen Ali

Lost: Keaton Mitchell (Los Angeles Chargers)

Mitchell led Ravens backs with 5.8 yards per carry last season and was one of the NFL’s best big-play threats at the position over his three years in Baltimore. Despite his limitations as a blocker, Mitchell was an ideal change-of-pace option behind Henry, who turned 32 in January and seemed to lose some of his top-end speed last year. Ali improved as a receiver in Year 2 and should take another step forward, but Hill had a disappointing 2025 that ended with a minor neck injury. Excluding his Week 4 performance against the Kansas City Chiefs, he had 15 carries for just 17 yards last season.

Tight end/fullback

Returning: Mark Andrews, Lucas Scott (practice squad)

Added: Durham Smythe

Lost: Isaiah Likely (New York Giants), Charlie Kolar (Chargers), Patrick Ricard (Giants)

The Ravens lost their best blocking tight end (Kolar), their most dynamic receiving tight end (Likely) and one of their most inimitable players (Ricard) this offseason. Andrews’ 2025 was a disappointment; the 30-year-old struggled to uncover over the middle and didn’t score a touchdown over his final eight games. “We expect him to get back to himself and be the player that he can be,” DeCosta said last month. Smythe can help replace some of the blocking ability the Ravens lost, but the drop-off across the position is steep. The loss of tight ends coach George Godsey, one of the Ravens’ best assistants, can’t be overlooked, either.

Offensive line

Returning: Ronnie Stanley, Roger Rosengarten, Andrew Vorhees, Emery Jones Jr., Corey Bullock, Carson Vinson, Gerad Lichtenhan (practice squad), Jared Penning (practice squad)

Added: John Simpson, Danny Pinter, Jovaughn Gwyn

Lost: Tyler Linderbaum (Las Vegas Raiders)

Free agents: Daniel Faalele, Joe Noteboom

The Ravens may have to completely rebuild their interior this offseason. No one will be harder to replace than Linderbaum, a three-time Pro Bowl pick and elite run blocker who missed just two games over his four years in Baltimore. DeCosta has said he expects Jones, a 2025 third-round pick and converted tackle, to start at guard next year, but the Ravens’ optimism around Vorhees and Faalele’s development last year was misplaced. Simpson, the favorite to start at left guard, is a durable, hard-nosed veteran with a long-running penalty problem. It’s possible the team opens the season with zero combined starts between its first-string center and right guard. Dwayne Ledford is considered one of the NFL’s best offensive line coaches, but there’s a lot of work to do to get this unit in sync. Pinter and Gwyn project as depth pieces for now.

Specialists

Returning: Tyler Loop, Nick Moore

Lost: Jordan Stout (Giants)

Loop’s resilience will be tested this year. His missed field goal in the 2025 season finale cost the Ravens a playoff spot and a third straight AFC North title, and likely cost Harbaugh his job. Stout, an All-Pro who finally came into his own last year, won’t be easily replaced. Star punters are hard to find in the draft and in free agency.

No change

Wide receiver

Returning: Zay Flowers, Rashod Bateman, Devontez Walker, LaJohntay Wester, Dayton Wade (practice squad), Cornelius Johnson (practice squad)

Lost: Tylan Wallace (Cleveland Browns)

Free agent: DeAndre Hopkins

Hopkins had a disappointing 2025 — and still finished third on the team in receiving yards (330). Bateman, who had a career-low 224 yards and caught just 19 of his 38 targets last season, should benefit from the change in play-caller. DeCosta has said that he expects Walker to make “another jump” this year after a six-catch, 136-yard sophomore season. Wester got just 58 offensive snaps last season and should have a bigger role on offense, too. Flowers has improved his receiving production every year in Baltimore, from 858 yards as a rookie to 1,059 in 2024 to 1,211 last season, and there’s still room for growth as a downfield option.

Defensive line

Returning: Travis Jones, Nnamdi Madubuike, John Jenkins, Aeneas Peebles, Broderick Washington, C.J. Okoye, David Olajiga (practice squad)

Free agents: Brent Urban, Taven Bryan

If Madubuike is cleared to return from the neck injury that sidelined him for much of last season, the Ravens should have one of the NFL’s best interior duos. Jones emerged as an elite nose tackle last season, and playing next to a three-technique of Madubuike’s stature should only amplify their ability. Jenkins, even at age 36, is a solid run stuffer. Okoye, a latecomer to the sport, impressed in reserve duty in his first year with the Ravens. Peebles can use the offseason to get stouter against the run. Washington’s future is unclear after an injury-plagued, unproductive 2025. First-year defensive line coach Lou Esposito and defensive coordinator Anthony Weaver, a former defensive line coach himself, should lift the unit’s floor and ceiling.

Inside linebacker

Returning: Roquan Smith, Teddye Buchanan, Trenton Simpson, Jay Higgins IV, Carl Jones

Lost: Jake Hummel (Houston Texans)

Free agent: Chandler Martin

Smith, who turns 29 next month, should still be in his athletic prime, though he had his share of lapses last season. His presnap management helped lighten the load last year on Buchanan, who finished behind only Smith (130) and safety Kyle Hamilton (105) in total tackles (93) as a rookie. Buchanan said on a podcast earlier this month that his return from a torn ACL, which ended his season in mid-December, is a “best-case scenario.” But even if he’s limited or not ready to return by Week 1, the Ravens have good depth behind him. Simpson had 66 tackles in 407 defensive snaps last season after recording 73 tackles in 655 snaps the year before. Higgins impressed in the preseason as an undrafted rookie and carved out a role on special teams. Inside linebackers coach Tyler Santucci is one of the few holdovers on Minter’s staff.

Safety

Returning: Kyle Hamilton, Malaki Starks, Keondre Jackson

Added: Jaylinn Hawkins

Lost: Alohi Gilman (Kansas City Chiefs), Ar’Darius Washington (Giants)

Gilman earned a three-year, $24 million in free agency, while Hawkins got just a two-year, $10 million deal in Baltimore. But Hawkins could prove to be the better player. He was rarely targeted in coverage last season with the New England Patriots and is an aggressive run defender. Washington was far more impactful in 2024 than in 2025, when he was returning from a torn Achilles tendon. Starks played over 1,000 defensive snaps as a rookie starter and should continue his development under Minter and Mickens. Hamilton remains one of the NFL’s most impactful defenders.