The Baltimore Ravens and Joe Flacco have agreed to a new contract, according to multiple media reports. The deal will make Flacco the highest paid player in league history, paying him $120.6 million over six years sources have told ESPN's Adam Schefter.
Flacco was set to become a free agent on March 12 if no new deal was completed. Instead, the Super Bowl MVP will return to the team that drafted him in the first round of the 2008 draft. The deal is expected to be officially signed on Monday.
The previous highest paid player was New Orleans Saints quarterback Drew Brees. Brees' five year deal, signed last year, paid him $100 million, or a $20 million per season average. Flacco will make an average of $20.1 million per season under the new deal.
Of course, how the money is actually paid out, and how much of it is guaranteed, will determine how much Flacco actually makes off the deal, and how much of a cap hit he will be for the Ravens.
For more on Flacco's new deal, check out Baltimore Beatdown.