It looks like they'll have more time to do so. According to The Baltimore Sun's Aaron Wilson, the Ravens have exercised a fifth-year option to his rookie deal, which will give him just under $7 million in 2015.
Ravens have exercised the fifth-year option for cornerback Jimmy Smith for 2015 for $6.898 million, according to a source— Aaron Wilson (@RavensInsider) April 18, 2014
$6.898M salary for Jimmy Smith guaranteed for injury only now; fully guaranteed for skill, cap if on roster first day of 2015 league year— Aaron Wilson (@RavensInsider) April 18, 2014
Smith is someone the Ravens want for the long term. In his third season in 2013, Smith had 58 tackles and two interceptions. He became the team's No. 2 corner opposite of Lardarius Webb and steadily improved as the year went on.
Smith is starting to live up to the first-round billing he received in 2011 when the Ravens selected him. The Ravens are going to do everything they can to ensure he stays in Baltimore.