Despite his initial commitment with the Syracuse University, Ray Rice opted to attend the Rutgers University after the firing of Paul Pasqualoni, the head coach of the Syracuse University. In 2007, he became a candidate for the Heisman Trophy and Maxwell award. In January 2008, Ray Rice formally announced his intention of joining the 2008 NFL Draft. On the same year, he was selected by the Ravens as its second round pick during the 2008 NFL Draft. He then signed a 4-year $2.805 million worth of contract with the Ravens with a signing bonus amounting to $1.1 million. Four years later, he again signed a 5-year contract with the Ravens which was reported to be worth $40 million.