Ravens Sign QB Joe To A Three-Year Extension

Update:

The Baltimore Ravens made it official Wednesday by announcing their agreement with QB Joe Flacco on a three-year extension.

Joe Flacco has officially signed a three-year contract extension.

— Baltimore Ravens (@Ravens) March 2, 2016

• Jason La Canfora reports that Flacco’s contract includes $66.4 million new money and an annual new-money salary of $21.1 million.
• He’ll also receive a record $40 million signing bonus and $44 million guaranteed, according to La Canfora.

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Pro Football Talk is reporting that the Ravens and QB Joe Flacco have agreed to terms on a new contract.

• Adam Caplan reports that Flacco receives a three-year extension from the Ravens that will keep him under team control through the 2021 season.
• According to Jason La Canfora, this new contract will keep Flacco among the highest paid quarterbacks in the NFL and will include records for bonus, new money and other metrics.

The two sides had been meeting and working on a new deal for the better part of a week now that would reduce his $28,550,000 cap figure for the 2016 season.

An extension was considered by many to be the best course of action for the Ravens, as they would produce some more manageable cap figures while giving Baltimore some additional cap space to work with for the upcoming free agency period.

Flacco, 30, was in the third year of his  six-year, $120.6 million contract that included $52 million guaranteed. He was set to make base salaries of $4 million (2015), $18 million (2016), $20.6 million (2017), and $20 million (2018) over the remainder of the agreement.

Flacco finished the season having thrown for 2,492 yards while completing 64.8 percent of his passes to go along with 13 touchdowns and 10 interceptions over the course of nine games. Pro Football Focus has him rated as the No. 33 quarterback out of 37 qualifying players.