Suggs, the 2011 NFL Defensive Player of the Year, has a $12.4 million salary-cap number next season, the third-highest on the team. The Ravens would create $7.8 million in cap room if they released Suggs.
It is likely that the Ravens will approach Suggs, who is entering the final year of his deal, about a contract extension to reduce his cap hit. Suggs, 31, struggled in the second half of this season, recording 20 tackles and one sack in the final eight games.
When asked whether the six-time Pro Bowl linebacker would be back under his current contract, Newsome said that will be decided when the Ravens' brain trust meets at owner Steve Bisciotti's Florida home next week.
"Terrell is a real good football player. It not only shows up in the pass game, but it shows up in the run game," Newsome said Wednesday. "But that being said, we let a good football player go last year [wide receiver Anquan Boldin].
"So we're not afraid. I'm not a virgin when it comes to letting guys walk out the door. What we'll do is we'll look at every aspect of it and see what's best for the 2014, 2015 and 2016 Ravens and then make that decision once we get to it."
The Ravens finished 8-8 this season and didn't make the playoffs for the first time since 2007. Newsome said the team's priorities are to get bigger on the interior of the offensive line, add a more athletic safety and bring in a wide receiver who can convert third downs and run after the catch.
"I think we've identified the type of receiver that we want," Newsome said. "I think before the 2014 season ends, we will have that guy on our football team."
Ravens officials said the team won't undergo a major overhaul in personnel or in the coaching staff. Coach John Harbaugh confirmed Juan Castillo will be back with the same responsibilities but with a new title. Instead of run game coordinator, Castillo will be the offensive line coach.
"There's bigger failures out there," Bisciotti said. "There are teams that are a whole lot more disappointed. If we found ourselves at 3-13 like the Falcons, I think they're sitting there thinking, 'We got to make a lot of major changes.' I really don't think we do. If 8-8 is a failure, I hope it's a long time that I feel worse than this."