That includes base salaries of $225,000, $305,000 and $380,000 for the former University of Tennessee starter, leaving the Ravens with nine of their 11 picks left to reach terms with.
Last year's pick in that spot, Seattle Seahawks defensive tackle Rocky Bernard, received a three-year deal for $1.023 million that included a signing bonus of $118,000.
Franklin, a 6-foot-1, 307-pound nose guard expected to compete for playing time behind starter Kelly Gregg and Maake Kemoeatu, recorded 56 tackles, 10 quarterback pressures, five tackles for losses with two sacks and a forced fumble last season for the Volunteers.
He transferred from Itawamba Community College (Miss.) where he converted to the defensive line after an all-state prep career as a linebacker in Johnston City, Tenn.
Meanwhile, the Ravens' director of football administration Pat Moriarty negotiated in Walnut Creek, Calif., with Mike Sullivan, the agent for first-round pick and starting quarterback candidate Kyle Boller.
Sullivan said negotiations are going well and that he doesn't anticipate any problems getting Boller signed to a contract before the Ravens report to training camp in July 27.