Ed Reed put himself back on our offseason radar Wednesday when he said he’s talked to the Baltimore Ravens about a new contract. Reed, who also contemplated retirement and underwent hip surgery this offseason, has three years and roughly $20 million remaining on his current contract. NFL Network insider Michael Lombardi updated the situation on Thursday, telling “NFL Total Access†that Reed isn’t getting a new contract, and would have to pay back the Ravens a portion of his $5.2 million signing bonus if he decides to retire not due to injury. Reed said he told the Ravens he’ll be playing this season, and it sounds as though he’ll be doing so under his current deal. Source: NFL.com
I don't see why he would get a new deal. Bad idea reinvesting in damaged goods. When he's healthy and at full speed he is the crap, but it's way too risky to do a new deal at this stage.
Lombardi works for NFLN. He didn't cite any sources so it could just be an opinion. I could've just had "Ravens FS Ed Reed Won't Get A New Deal?" but I think this gives more information about the story and who's saying this.