On Wednesday around lunchtime Ravens quarterback Joe Flacco signed a three year contract extension that will keep him in Baltimore through the 2021 season.
The three year extension is worth $66.4 million with $44 million in guaranteed money. According to CBS’s Jason La Canfora, Flacco’s new average per year is record-breaking:
The move frees up $6 million in cap space this season and $13 million over the next two seasons. Flacco was due $28.55 million this season without the restructure, and would have had the third-highest figure in the NFL.
With the Ravens in one of the worst salary cap positions in the NFL, this move gives them more room to sign free agents and perhaps sign other players already on the roster to new contracts.
The 31 year old Flacco is under a bit of a different circumstance since signing the original six year, $120.6 million dollar contract. Flacco was coming off of a championship season where he had a spectacular playoff streak of 11 touchdowns with no interceptions. Flacco capped this off by winning Super bowl 47 and being named Most Valuable Player.
This time, Flacco is coming off perhaps the hardest season of his career that ended in ACL and MCL tears in late November. According to doctors close to Flacco, Joe is recovering ahead of schedule and those doctors are almost certain that he will be ready for training camp.
After ending the season 5-11, the Ravens are certainly hoping that Flacco can return to form and lead the Ravens to the post-season for the seventh time in his career. With the restructure, the Ravens have some leverage to make some moves in free agency to improve what was a disappointing 2015 team.
Check out Joe’s instant reaction to signing his new contract by clicking here: