Four million of Webb's $7.5 million base 2014 salary was converted into a signing bonus, which reduces $3 million off his salary cap figure.
The restructuring leaves the Ravens $6.95 million under the NFL salary cap limit, according to the Sun.
Webb signed a five-year, $50 million extension with Baltimore in 2012. With the restructuring, his new salary cap figures for 2015 and 2016 are $12 million, up from $11 million.
Webb has been out since late July with back spasms and is sitting out the preseason. The 28-year-old made 74 tackles in 2013.
- Molly Geary