This likely will be the first of a handful of moves in free agency as the Ravens look to improve the NFL's 29th-ranked offense. Let's take a look at who else could be on the team's radar:
Steve Smith, Carolina: The Panthers are reportedly trying to trade Smith, and they could ultimately release him. Smith is the type of clutch, go-to receiver the Ravens need. He also brings an intensity and work ethic that can rub off on young receivers. The biggest problem is Smith turns 35 in May and he's coming off his second-least productive season over the past nine years. He had 64 catches for 745 yards and four touchdowns.
Julian Edelman, New England: He fits what the Ravens want: a receiver who can make the tough catches underneath and can break tackles to convert third downs. Edelman's skill set would complement Torrey Smith's deep speed and give the Ravens two receivers hitting their prime. What is tough is gauging whether Edelman can come close to matching his 2013 breakthrough season (105 catches for 1,056 yards) without Tom Brady throwing him the ball.
Golden Tate, Seattle: Tate would be at the top of my list for the Ravens. At 25, he's just reaching the prime of his career. His receiving stats aren't overly impressive because he has played in a run-heavy offense, but the key is his numbers have improved each season. Tate's biggest selling point: He led the league in yards after catch per reception (7.75), according to ESPN Stats & Information. Plus, he's not afraid to block, and he's known for being a high-character player in the locker room.
Brandon Pettigrew, Detroit: Even though the Ravens signed Dennis Pitta, the Ravens are expected to line up in two tight ends a lot under offensive coordinator Gary Kubiak. Pettigrew, who is more of a complete tight end than Pitta, would be an excellent fit for the Ravens. General manager Ozzie Newsome liked Pettigrew in the 2009 draft, but the Lions selected him six picks ahead of the Ravens. Pettigrew, 29, never delivered the pass-catching numbers expected of a first-round pick. Last season's production (41 catches for 416 yards and two touchdowns) was his lowest since his rookie season. The Ravens need him as much for his blocking as pass-catching skills. He would be an upgrade over Ed Dickson, who is a free agent.
Owen Daniels, Houston: Daniels, who was released by the Texans on Tuesday, is on the list because of his obvious connection with Kubiak, the former head coach of the Texans. He runs great routes, can catch most passes thrown his way and has proved to be a functional blocker. Durability is the biggest concern. He has been limited to 11 games or fewer in three of the past five seasons. Last season, Daniels played only five games because of a fractured fibula.
Garrett Graham, Houston: Just like Daniels, Graham is here because of his history with Kubiak. He proved he could be effective in the passing game (49 catches and five touchdowns last season) and is an above-average blocker. With his age (27) and upside, some teams (like the Buccaneers) will view him as a potential No. 1 tight end. He wouldn't have that high-profile role with the Ravens.
Alex Mack, Cleveland: There are reports the Ravens could turn their attention to Mack if they can't get a deal done with Monroe. What is going to be difficult is prying the Pro Bowl center away from the Browns, who put the transition tag on him. That means they can match any offer. If the Ravens can somehow pull this off, this would be a major step toward improving the offensive line. I know I'm in the minority on this one, but I believe adding Mack would be a better move than keeping Monroe.
David Baas, New York Giants: Baas, who was cut by the Giants on Monday, would serve as a stopgap until Gino Gradkowski can get stronger. Baas is 32 and has an injury history, which is why he can be had for a one- or two-year deal. He has been the Giants' starting center since signing as a free agent in 2011, but has struggled to stay healthy. His 2013 season ended early as a result of a neck injury. The Giants could target Packers center Evan Dietrich-Smith, who could follow offensive coordinator Ben McAdoo from Green Bay to New York.
Brian De La Puente, New Orleans: He's a three-year starter for the Saints who will draw interest because of a weak free-agent market for centers. Before joining the Saints, he was a journeyman who played on six teams in three seasons. At 28, De La Puente could be coming into his own at the right time. He's not considered a power player inside.