BALTIMORE -- NFL free agency is winding down, and we're keeping track of every major signing, trade and release of the 2023 offseason, with analysis from our NFL Nation reporters and grades from our experts. The first round of the 2023 NFL draft begins April 27 on ESPN.

The Ravens’ offseason revolves around quarterback Lamar Jackson, who received the nonexclusive franchise tag on March 7. Jackson’s $32.416 million tag accounts for nearly 15% of Baltimore’s salary cap this year, and it puts a huge question mark over the team in free agency. If Jackson signs an offer sheet with another team, the Ravens would get two first-round picks as compensation if they decline to match it. If Jackson remains with the team, his tag limits Baltimore's available cap space as well as what the Ravens can do to improve his supporting cast.

Here's a breakdown of every 2023 NFL free-agent signing by the Baltimore Ravens, and how each will impact the upcoming season:

Odell Beckham Jr., wide receiver

Beckham signed a one year, $15 million guaranteed deal.

What it means: If Lamar Jackson plays under the nonexclusive franchise tag, the Ravens have given him the most dynamic and accomplished wide receiver in his five NFL seasons. Beckham, a three-time Pro Bowl player, is known for his wide catch radius and unbelievable receptions. Baltimore's wide receivers have dropped 3.9% of their passes since 2019, which is tied for seventh worst in the league over that span. The Ravens should be getting a highly motivated Beckham, who didn't play all of last season while recovering from a torn ACL in his left knee that he suffered in Super Bowl LVI, and he returns to the free agent market next season. By adding Beckham, the Ravens don't have the same urgency to draft a wide receiver in the first round and can fill their need at cornerback.

What's the risk: The health of Beckham. He hasn't played since tearing the ACL 14 months ago. Not known for giving big paydays to wide receivers, the Ravens are making a huge one-year investment in Beckham, who has only played two full seasons in his eight-year career. Beckham's productivity has tailed off since recording 1,000-yard seasons in five of his first six years. He hasn't surpassed 600 yards receiving since 2019.

Nelson Agholor, wide receiver

Agholor signed a one-year deal worth $3.25 million.

What it means: It took nine days, but the Ravens finally signed their first free agent from another team. The Ravens add a much-needed deep threat in Agholor, who totaled 20 catches on passes that traveled at least 20 yards in the air since 2020. Agholor has produced a gain of 20 or more yards on 25.9% of his receptions over the last three seasons. Baltimore struggled to stretch the field last season, when its wide receivers had 10 catches on throws of 20 or more yards (second-fewest in the NFL). Agholor reunites with new Ravens wide receivers coach Greg Lewis, who was his position coach in 2016 with the Philadelphia Eagles.

What's the risk: This is only a risk if Agholor is the Ravens' only big addition to the wide receiver group. It would make sense if Baltimore views him as a No. 3 or No. 4 wide receiver. But this is a gamble if Baltimore doesn't acquire another veteran wide receiver or doesn't draft one. The Ravens' wide receivers have long been the weak link of the offense. Baltimore's wide receivers have totaled the fewest receiving yards (1,242) in the league since 2019.

Geno Stone, safety

Stone signed a one-year deal.

What it means: The Ravens re-signed Stone one day after not tendering him as a restricted free agent. Stone is a valuable backup and a top special teams player. He stepped up last season when he started a career-high seven games, filling in for the injured Marcus Williams (wrist). Stone also participated in 70% of the special teams snaps last season.

What's the risk: There was no risk here because Baltimore desperately needed the depth at safety. After the Ravens traded Chuck Clark to the Jets, Stone becomes the top backup behind Williams and Kyle Hamilton.

Nick Moore, long-snapper

Moore signed a two-year deal.

What it means: The Ravens retained one of the NFL's top long-snappers even though he did draw interest elsewhere. Moore was named a second-team All-Pro last season. The first player ever signed by Baltimore from the XFL, Moore has been the Ravens' long-snapper the last two seasons, replacing Morgan Cox. Moore's consistency has been integral to the success of Justin Tucker, the most accurate kicker in NFL history.

What's the risk: It would've been a bigger risk to not re-sign Moore. The Ravens took a chance to go from the ultra-reliable Cox to the younger Moore a couple of years ago. Baltimore, which prides itself on special teams, knew it was priority to keep Moore.

Justice Hill, running back

The Ravens re-signed Hill to a two-year, $4.5 million deal.

What it means: The Ravens retain their No. 3 running back (behind J.K. Dobbins and Gus Edwards) and one of their top special teams players. After missing the entire 2021 season with an Achilles injury, Hill showed incredible burst last season. He averaged a career-best 5.3 yards per carry. Hill, a fourth-round pick four years ago, is the only remaining player from Baltimore's eight-player draft class in 2019.

What's the risk: There's not much of one. The only downside is the Ravens used cap space, which they don't have much of, on a role player. Baltimore has bigger priorities at wide receiver and cornerback.