BALTIMORE — Ray Rice has been designated the franchise player of the Baltimore Ravens, who hope to buy some time while negotiating a lengthy deal for the two-time Pro Bowl running back.

Rice’s contract expired after a season in which he amassed an NFL-best 2,068 yards from scrimmage and helped the Ravens advance to the AFC championship game.

As a franchise running back, Rice will earn $7.7 million in 2012. Baltimore, however, intends to have him around a lot longer.