The extra selection is a compensatory pick awarded to Baltimore for losing offensive tackle Rick Wagner in free agency this past offseason. The formula is considered set upon the conclusion of Week 10.
Under the formula, the Ravens lost five unrestricted free agents (Wagner, fullback Kyle Juszczyk, defensive end Lawrence Guy, wide receiver Kamar Aiken and offensive lineman Vladimir Ducasse) and added three (safety Tony Jefferson, cornerback Brandon Carr and running back Danny Woodhead) in what was an unusually busy free-agency period for them.
Baltimore is only receiving one comp pick because Ducasse's deal ($1.16 million average per year) barely missed out qualifying for one of the 32 comp picks. That left the Ravens getting a third-rounder for Wagner, whose five-year deal with the Detroit Lions is worth an average of $9.5 million per season.
The Ravens wanted to keep that third-round pick so badly that they didn't sign any additional unrestricted free agents like running back LeGarrette Blount, who would have canceled that comp pick for Wagner.
This third-round comp pick would give Baltimore eight picks in the 2018 draft (one in each of the seven rounds, plus the additional one in the third). The Ravens traded for two offensive linemen before the start of the regular season, but it is believed the Ravens won't have to give up a conditional seventh-round pick to the Arizona Cardinals for Tony Bergstrom, and the pick given to the Jacksonville Jaguars for Luke Bowanko was a 2019 seventh-rounder.
In their history, the Ravens have had a third-round comp pick three times, selecting offensive lineman Oniel Cousins in 2008, tight end Crockett Gillmore in 2014 and defensive end Chris Wormley in 2017 (Baltimore actually traded the comp pick and defensive tackle Timmy Jernigan to the Eagles in exchange for the No. 74 overall pick).
The Ravens have been the NFL's king of comp picks, receiving 10 more than any other team in the league. That's even more impressive when you consider the Ravens weren't a franchise in the first two years that comp picks were awarded (1994 and '95).