Danny Woodhead‘s three-year deal with the Baltimore Ravens has a total value of $8.8 million with $4.25 million in guarantees, NFL Network’s Ian Rapoport reports.

That equates to just under $3 million annually.

It’s probably a bargain for the Ravens, though it’s difficult to say for sure because the free-agent running back market has been so slow to develop. Woodhead is one of the few players at the position to have signed a new deal this offseason, with bigger names like Adrian Peterson, Jamaal Charles, and Eddie Lacy remaining unsigned.

Ravens general manager Ozzie Newsome suggested the team would have targeted Woodhead even had it not known about tailback Kenneth Dixon’s upcoming four-game suspension for PEDs.

“We’ve known about Kenneth for a long time, but yes, we needed to add another element to our offense, and Danny brings that from the backfield, and we’re still working to try to do some other things at receiver and maybe offensive line,” Newsome said, according to Jeff Zrebiec of the Baltimore Sun. “But yes, he still would have been a big part of our conversation. We still would have signed him.”

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