Source: Ravens, Ray Rice agree to deal

July, 16, 2012
7/16/12
4:05
PM ET

The Baltimore Ravens and franchised running back Ray Rice have agreed to terms on a 5-year, $40 million contract, only minutes before Monday's deadline, a league source told ESPN NFL Insider Adam Schefter.

The deal will pay Rice $17 million in the first year and $25 million in the first three years, the source said.

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