The Ravens announced the deal Friday afternoon and a source confirmed the extension is worth $13 million. By signing Boyle through the 2023 season, Baltimore can reduce his $7.83 million cap figure, which was the sixth largest on the team.
This also represents a strong vote of confidence in Boyle, who suffered a season-ending left knee injury in a Week 10 loss at New England. He was entering the final year of his three-year, $18 million contract he had signed in 2019.
"Ask his teammates, ask his coaches - he's a backbone for this team," Ravens general manager Eric DeCosta said. "We are very happy for Nick and Kristina as we continue to build out our roster."
Boyle, 27, is considered one of the top blocking tight ends in the NFL and is a major reason why the Ravens led the league in rushing the past two seasons.
"I am extremely thankful to continue being a part of the Ravens," Boyle said. "My family has made this place our home the past five years, and we couldn't be happier to continue doing so."
Earlier this week, DeCosta anticipated that the team would have between $15 million to $20 million in salary-cap room, which would put Baltimore around 11th in the league.