Steve Smith joining Ravens

Owings Mills, MD ( - After spending 13 years in one city, Steve Smith didn't take long to find a new home.

The five-time Pro Bowl wide receiver agreed to a three-year contract with the Baltimore Ravens Friday, one day after being released by the Carolina Panthers.

According to the Baltimore Sun, the deal is worth $11 million and contains a $3.5 million signing bonus.

The 34-year-old surpassed 1,000 receiving yards in seven of his 13 campaigns with the Panthers, most recently compiling 1,174 on 73 catches in 2012. Smith's production declined this past year, however, as he put up 745 yards and four touchdowns on 64 receptions over 15 regular-season games. His 11.6 yards per catch was his lowest average since 2007.

Smith still fills one of Baltimore's most glaring deficiencies during its disappointing 8-8 season of 2013, a proven No. 2 receiver. After trading veteran Anquan Boldin to San Francisco last year, no other Ravens wideout other than Torrey Smith had more than 49 catches or 524 yards.

"We've added one of the top competitors in the NFL to the Ravens," said Baltimore general manager Ozzie Newsome.

A third-round choice of the Panthers in the 2001 draft, Smith finished his long tenure in Carolina as the franchise' all-time leader in receptions (836), receiving yards (12,197) and touchdown catches (67). His 182 games played is second only to former kicker John Kasay's 219 among Panthers' players.