Maybe.
1. I don't see it for Humphrey, because he's not even in year 4 yet. I'm not going to extend him this year, and his cap hit would skyrocket (upwards of an $8-10M increase this year alone) with an extension.
2. I'm not sure they needed to create space to extend Stanley. He already has a cap hit near $13M, so even on a long term extension, his cap probably would have only risen a couple million. They could have done this without restructuring.
It looks to me like the Ravens approach BWill and told him his 2021 cap hit, which is north of $14M next year, was too high, and that they weren't going to keep him at that price. With no guarantees left on his deal, and a declining salary cap which is almost certainly going to make it a challenging FA market for veterans, he probably realized his best opportunity for $ next year was to stay in Baltimore.
The restructure makes it extremely likely we keep him in 2021, and he'll likely make more here than he would have elsewhere.
Maybe they're going to do something with it, but it feels to me just like a proactive approach to what will be a challenging offseason next year for most around the league. I think there will be plenty of veterans around the league who are going to realize in the next 6-7 months that they're better off accepting paycuts and sticking around, rather than testing the market.