Brian McFarland over at Russell Street Report has a good post on Ray Lewis' salary and cap considerations. Read it about it in the link if you haven't already.
My take? If Ray comes back next year that we pay him his full salary. In understand that a 38 year old with a cap hit of $7.3 million is extremely high, but Ray's importance to our team is too much to nickel and dime the guy. It would only be a sign of respect and gratitude for all that he's done for the team and he'd still be of value.