I mean there are cuts to be had. I think Ricard either gets cut or extended for much less, and I don't think its a given Moses is back either.
Ravens pretty much have to get younger on offense. It's a pretty veteran group out there now. They need younger RBs, they'll need younger players (and maybe upgrades) on the interior of the Oline, and even their Tackles are older. Stanley's back due to his contract most likely, but they still have Mekari and Faalele.
Defensively, they'll still have a pretty good core. Roquan, Hamilton, Marlon, Stephens, Williams all will be back.
But offensively I think you'll see a good number of changes in personnel in the offseason. And many of them will need to be younger players, both out of necessity to get younger overall, and due to cap constraints. That's inevitable regardless of whether they tag/keep Mad or not.
I'll also put this out there... I think there's a 0% chance they let both Mad and Queen walk without a big time fight. So if they think Mad is out of their price range, I think they'll immediately pivot to keeping Queen.