Ravens save $8M, cut CB McAlister

The Baltimore Ravens announced Monday that they terminated the contract of former three-time Pro Bowl cornerback Chris McAlister. The move clears up $8 million in actual dollars and salary cap dollars for the Ravens.

Baltimore has several high-price free agents set to test the open market next week, which includes center Jason Brown and linebackers Ray Lewis, Terrell Suggs and Bart Scott. Releasing McAlister improves the team's chances to retain some of their in-house free agents.

McAlister, 31, was coming off season-ending injuries the past two seasons. This year he suffered a knee injury that forced him to miss the final 10 games and Baltimore's postseason run to the AFC Championship Game.

McAlister was a former first-round pick of the Ravens (No. 10 overall) in 1999 and has 26 career interceptions.

James Walker covers the AFC North for ESPN.com.