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Ravens sign Ray Rice for 5 years

Updated: July 16, 2012, 7:39 PM ET
ESPN.com news services

OWINGS MILLS, Md. -- The Baltimore Ravens signed Ray Rice to a new five-year contract Monday worth roughly $40 million.

The Ravens and their standout running back went right down to the 4 p.m. deadline before hammering out the deal. Had Rice not signed, he would have played the 2012 season under the $7.7 million franchise tag tender.

Instead, he will get $17 million this year and $8 million in 2013.

"Baltimore I'm back well I never left lol #Ravens," Rice wrote on Twitter ...

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