http://www.askthecommish.com/salarycap/numbers.asp
The above January 23rd article projects the 2009 NFL Salary Cap at $123M, and cites the NFL Players Association as a Source.
Projects the Ravens at $19M under the projected-cap, ranking them 17th (out of 32) in terms of current flexibility.
With the internal players you would like to resign, that gives them some (but not total) ability to retain existing talent.
Owner
Chris Stoner founded Baltimore Sports and Life in 2009. He has appeared as a radio guest with 1090 WBAL, 105.7 The Fan, CBS 1300, Q1370, WOYK 1350, WKAV 1400, and WNST 1570. He has also been interviewed by The Baltimore Sun, Baltimore Business Journal, and PressBox (TV). As Owner, his responsibilities include serving as the Managing Editor, Publicist, & Sales Director.