Speaking to reporters on Tuesday, general manager Ozzie Newsome said the team wants to keep their speedy playmaker, but won't break the bank.
"We have a history of retaining our players, especially players that have been productive," he said. "But also, we have a history of allowing our players to go out and maximize themselves in the market and go and play for other teams."
Owner Steve Bisciotti was more open about the realistic attitude the Ravens take when evaluating the contract figure that they set on specific players.
"Do you hope that Torrey doesn't break the bank out in the open market so we can get him for our number? That's a hard thing to say. I care about the kid, I want to maximize his earnings," he said. "... some of the numbers thrown out there we can't match. We don't have that kind of space...
"The difference between what we can pay Torrey and what he gets on the open market, umm, Mike Wallace got $10 million. I don't think anyone thinks that was a good deal. And so there is always a team that has lots of money that wants to bring in playmakers and those guys are going to get those deals."
It's surprising to hear an owner criticize another team's deal, but it's understandable that the Ravens won't overpay to keep Smith at a cap figure that could damage the team's flexibility in future years.
»Newsome wouldn't comment on whether the team made any progress on a new deal for Haloti Ngata, saying only: "We like to retain our football players and we also like to make and create some cap room."
Bisciotti added that Ngata was an "iconic" player the team wants to keep, but trusts Newsome to negotiate deals that are in the best interest of the team.
»In light of the Ray Rice situation Newsome said, "It will be tough to bring a player to Baltimore with domestic abuse in their background." He also added that he believes the running back could get a chance with another team.
»Bisciotti said of the past year, which was marred in controversy: "It was my worst year as an owner. I had 14 good years and then an absolutely crappy year."