West, who currently sits atop the Ravens' depth chart, will earn $1.797 million this season. That salary ranks 18th among running backs this season.
The Ravens placed the original tender on West, meaning teams would have had to give up a third-round pick (where West was drafted in 2014 by the Cleveland Browns) as compensation if Baltimore refused to match the offer sheet.
A native of Baltimore, West led the Ravens with a career-high 774 yards rushing in his first full season with the team. He averaged only four yards per carry, but his 367 yards after first contact ranked No. 15 in the NFL.
Terrell started at Western Michigan over Joe Flacco's younger brother, Tom. The Ravens will now look for another No. 3 quarterback. University of Minnesota quarterback Mitch Leidner attended Baltimore's rookie minicamp on a tryout.
Cornerback Sheldon Price, who played four games before being placed on injured reserve (thigh), signed his exclusive rights free agent tender.