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

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.

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Terry McCormick covers the Titans for TitanInsider.com