Rice, who was assigned a franchise tag in the off-season, just beat Monday's deadline to reach a long-term deal with the Ravens or he would have had to play 2012 NFL season under a one-year deal worth $7.75m.
The 25-year-old, who was taken by the Ravens in the second round of the 2008 NFL Draft, had a league-best 2,068 yards from scrimmage last season.
He also set a Ravens franchise record with 15 touchdowns in 2011, while also setting career highs for rushing yards (1,364) and rushing touchdowns (12).
The deal gives Rice a chance to become the team's all-time rushing leader as he is currently second, 3,424 yards behind Jamal Lewis.
"Ray has been an integral part of us earning the play-offs in each of his four seasons, and that includes helping us get to two AFC Championship games," said Ravens general manager Ozzie Newsome.
"His production on the field speaks for itself, and his leadership in the locker room is outstanding."
source http://www1.skysports.com
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