Bringing back Daryl Smith became critical after the market for linebackers was really starting to thin. The Ravens signed Smith to a four-year, $16.1 million contract.
The contract is probably a bit more than the Ravens would have liked to have given Smith, but he is coming off a strong season and has a good track record.
The biggest news of the day was the team agreeing to a three-year, $11 million contract with veteran wideout Steve Smith.
The Ravens were considered the favorites to land the wide receiver as soon as word leaked out that the Panthers would be releasing him.
He will be a perfect fit for the Ravens. His intensity will give the Ravens an edge they really missed without Ray Lewis, Anquan Boldin and Bernard Pollard on the team in 2013. He will also be an ideal slot receiver, a guy with the toughness to make key grabs over the middle and move the chains.
The addition of Smith also gives the Ravens a bit more flexibility in the NFL Draft. While the team is still very likely to select a wide receiver at some point, it's no longer a desperate need, which will allow them to look at other positions in the first couple of rounds.
Also notable is the loss of right tackle Michael Oher, who signed a four-year deal worth $20 million to return home and play for the Titans. The Ravens likely had interest in bringing Oher back, but certainly not for that length or financial commitment.