According to Aaron Wilson of the Baltimore Sun, the Houston Texans have offered a three-year contract worth around $4 million per year.
Texans offer to Ed Reed in the three-year, $4 million annual range, per league sources. Reed made $7.2 million last year. Seeking similar
— Aaron Wilson (@RavensInsider) March 19, 2013
My guess is that Reed will take the Texans’ offer back to the Ravens and see if they’re at least willing to match it.