It cost them just a $2,000 signing bonus to get the former University of Georgia standout under contract.
“I've come a long way,” Ellerbe said. “It's not about where you start, it's about where you finish.”
Now, Ellerbe's situation and price tag have changed dramatically.
As one of the top free agents at his position, Ellerbe is expected to get a contract in at least the $25 million to $30 million range or even higher based on recent contracts for inside linebackers.
Ellerbe's agent, Hadley Engelhard, told The Baltimore Sun he doesn't anticipate getting a deal done with the Ravens by midnight, adding: "Starting Saturday, we'll be talking with all 32 teams."
As the start of free agency Tuesday afternoon comes closer, the North Carolina native hopes he’ll stay with the Super Bowl champions.
The Ravens are expected to make Ellerbe a significant offer prior to the start of free agency.
“There's always a chance, and that's what I'm hoping will happen,” Ellerbe said. “The Ravens are a perfect situation for me. Hopefully, it's a perfect situation for me to sign on the dotted line.”
Now that they’ve signed quarterback Joe Flacco, Ellerbe is the Ravens' No. 1 priority as far as their own free agents. They currently have $11.463 million in salary-cap space prior to assigning any restricted free-agent tenders.
Under NFL rules, other teams could start talking to Ellerbe's agent after midnight last night and agreements in principle can be struck. However, no contract can be officially signed until the free-agent signing period begins Tuesday.
So, the last few days before free agency also operate as an exclusive signing window for teams to retain their own free agents.
That's what the Ravens and Ellerbe hope happens.
Regardless of whether he returns to Baltimore or goes elsewhere, a big payday awaits Ellerbe. So, he feels like he can't lose.
“It's a win-win because I worked so hard to get here,” said Ellerbe, who made $1.93 million last season on a restricted tender. “Now, I'm here. I got some catching up to do coming into the league undrafted, not that money is the main priority.
“I'm excited to be here. I'm just ready to go through this and go to the next thing. I'm taking it in stride. I don't want to get too caught up in it. I want that stability. Part of it's respect.”
Every day on his Twitter account, Ellerbe hears from Ravens fans urging him to stay with the team.
“Some fans understand what's going on, some fans don't,” he said. “It's a business.”