Snead, who was a restricted free agent, agreed to a two-year, $7 million offer sheet - with $3.4 million available in incentives - with the Ravens last week. The Saints had five days to match the tender before ultimately declining to do so.
The 25-year-old Snead saw his role diminish last season with the Saints, who recently signed fellow receiver Cameron Meredith to a similar two-year deal. They also re-signed veteran backup receiver Brandon Coleman last week.
Snead was suspended for the first three games of the 2017 regular season for violating the league's personal conduct policy and never established a role in the offense, finishing with eight receptions for 92 yards.
He was a big contributor in each of his first two seasons in New Orleans, hauling in 69 receptions for 984 yards and three touchdowns in 2015 and following it up with 72 catches for 895 yards and four scores in 2016.