Ravens, Rice agree on $40 million contract

Deal comes minutes before deadline kicks in. Terry McCormick

Print This July 16, 2012, 04:07 PM EST

The Baltimore Ravens and running back Ray Rice have completed a five-year, $40 million deal, according to

The franchised running back and the Ravens completed the deal just minutes before the 4 p.m. EDT deadline. Had an agreement not been reached, Rice would have to play for the $7.7million franchise tender.

Rice will reportedly receive $25 million over the first two years of the deal, including $17 million in year one between base salary and signing bonus.

Follow me on Twitter @TerryMc13

Terry McCormick covers the Titans for

NFP's Introduction to Scouting Class is now registering for the summer session! Discounted pricing until April 14th! REGISTER NOW!

NFP Inside Content. All Season.