Ravens and RB Ray Rice Agree to Terms

[JKidd]

The Baltimore Ravens and franchised running back Ray Rice have agreed to terms on a five-year, $40 million contract, only minutes before Monday's deadline, a league source told ESPN NFL Insider Adam Schefter.

The deal will pay Rice $17 million in the first year and $25 million in the first two years, the source said.

The Ravens had placed their franchise tag on Rice in March and the sides had until 4 p.m. ET on Monday to reach an agreement. Without a long-term deal, Rice would have had to play the 2012 season under the $7.749 million tender or sit out the season.

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