The Baltimore Ravens need to be under the cap by March 15 at 4:00 p.m. ET, which is when the new league year officially begins. Currently, they are still $3.059 million over the cap according to overthecap.com. This includes the Michael Pierce contract restructure that recently occurred.
What this number doesn’t include is the Chuck Clark trade that occurred on March 9. While that trade will eventually save the Ravens $4.14 million, because the new league year doesn't take place until March 15, the same time the Ravens must be cap compliant, it won’t help them now.