In need of another target for Joe Flacco to throw to, Baltimore made the most sense for Smith, who's probably going to be on his final contract with his next team before eventually retiring.
According to Adam Schefter, the Ravens have signed Smith:
Ravens are giving WR Steve Smith a 3-year deal, per source.— Adam Schefter (@AdamSchefter) March 14, 2014
Ravens faced a lot of competition to land Steve Smith, including the New England Patriots and the Seattle Seahawks, according to sources— Aaron Wilson (@RavensInsider) March 14, 2014
Smith helped the Panthers achieve a 12-4 record in 2013 as their No. 1 option for cam Newton to throw to. According to Smith’s agent, the Panthers never asked Smith to renegotiate his contract, which contained a $7 million cap hit. Smith will count for $5 million against the Panthers’ 2014 cap, as opposed to $3 million had he been traded.
He had 836 receptions for 12,197 yards and 67 touchdowns in his Panthers career. Smith will turn 35 on May 12, so the end of the road is nearing for Smith, who now gets the chance to finish his career with a franchise that just won a Super Bowl just over a year ago.