Rice was drafted by the Ravens to spell starter Willis McGahee and to be the backup who can step in and start at a minute’s notice. Rice is a good choice for that role. He’s small (only 5’8") but powerful and has no problem pounding his way between the tackles. He’s not particulary fast, but he’s faster than McGahee so he allows the Ravens to do some things they weren’t able to do with the previous backup, Mike Anderson.
McGahee had worn down noticeably at the end of last season, averaging only 3.1 yards per carry his final three games and missing the last game of the season. Getting Rice 5-10 carries per game should save McGahee a lot of wear and make him a better fantasy option. As for Rice, 5-10 carries a game isn’t worthy of a spot on your fantasy team. But if something were to happen to McGahee then Rice would be an immediate fantasy starter. Right now McGahee is a RB1 and one of the top running backs in fantasy football. If you draft him, seriously consider drafting Rice late as his handcuff. Losing a RB like McGahee is enough to end your season, but have Rice to replace him will be enough to save it.