Ravens Sign Matt Schaub

4:52pm: Mike Florio of Pro Football Talk clarifies that Schaub’s deal has a base value of $2MM, and can be worth up to $3MM through incentives. Of course, those incentives are only within reach if Schaub actually plays.

2:05pm: Schaub’s one-year contract is worth $3MM, a source tells Ian Rapoport of NFL.com (Twitter link).

1:47pm: The Ravens have officially confirmed Schaub’s signing, announcing that it’s a one-year deal (Twitter link). Perhaps there’s a second-year option or a void year; otherwise, it appears Wilson’s report was inaccurate.

1:43pm: Schaub’s deal with the Ravens will be for two years, averaging about $2MM annually, tweets Aaron Wilson of the Baltimore Sun.

12:51pm: After paying a visit to Baltimore today to meet with the Ravens, quarterback Matt Schaub has signed with the team, according to Peter King of TheMMQB.com (via Twitter). Adam Schefter of ESPN.com had reported yesterday that Schaub would likely decide on a new team this week.

By signing with the Ravens, Schaub will immediately become the favorite to assume the backup role in Baltimore behind Joe Flacco. 2014 sixth-round pick Keith Wenning should also be in the quarterback mix for the Ravens, but with Tyrod Taylor having departed to Buffalo in free agency, the team was in the market for a signal-caller with a little more experience.

Schaub, 33, was acquired by the Raiders in a trade with the Texans last offseason, but lost out on the starting quarterback job to rookie Derek Carr, and served as the No. 2 option in Oakland. After new Oakland offensive coordinator Bill Musgrave brought former Vikings quarterback Christian Ponder in to back up Carr, Schaub was released and became an unrestricted free agent.

Prior to his lone year in Oakland, Schaub spent seven seasons in Houston, starting 88 total regular season contests for the team, recording a 90.9 overall passer rating, and earning a pair of Pro Bowl nods. However, he fell apart in the 2013 season, his last extended run as a starter, going 2-6 in his starts and throwing more interceptions (14) than touchdowns (10).

Schaub, who also received interest from the Falcons, Cowboys, and Titans, had been slated to earn $5.5MM with the Raiders prior to his release, but will likely have to settle for a more modest salary on his new deal. Still, Ed Werder of ESPN.com notes (via Twitter) that Dallas dropped out of the running due to the price tag, so it sounds like the veteran should make out fairly well.

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