Baltimore Ravens to cut McGahee, Mason and Heap?

Baltimore Ravens running back Willis McGahee celebrates his touchdown during the second half against the Buffalo Bills in Baltimore, Sunday, Oct. 24, 2010.

/ AP Photo/Gail Burton

Quoth the Ravens: Nevermore (will you play in Baltimore).

The excitement created by the NFL's new collective bargaining agreement has quickly given way to the dark reality of the sport's business side - at least in Baltimore.

According to multiple media reports, the Ravens are poised to cut several high-profile veterans, namely Willis McGahee, Kelly Gregg, Derrick Mason and Todd Heap.

It started Monday afternoon when Adam Schefter of ESPN reported that the team had already informed McGahee that they plan on releasing him.

They have to wait until Thursday, July 28 at 4:00 p.m. ET to do so, according to the league calendar.

As CBSSports.com's Will Brinson reports, the move was expected -- McGahee he was due $6 million in 2011, and no one expected them to pay that much for a backup running back.

The release of McGahee was just the beginning. According to the Carroll County Times, Ravens NT Kelly Gregg will be cut as well, although there's a chance Gregg could return to the team at a reduced salary. The 34-year-old Gregg had two years left on his contract at $3.5 million per year, Brinson reports.

Later Monday evening, the payroll-slashing continued. According to reports from Aaron Wilson of the National Football Post and Jamison Henley of the Baltimore Sun, the team has also informed Derrick Mason and Todd Heap that they'll be cut.