Joe Flacco's new contract reportedly includes $52 million in guaranteed money. (Stacy Revere/Getty Images)
Joe Flacco's historic new six-year, $120.6-million contract with the Baltimore Ravens includes a whopping $52 million in guaranteed money, USA Today's Jim Corbett reported Sunday.
Flacco and the Ravens agreed to the contract on Friday and he will sign it Monday, according to the report. The deal makes the Super Bowl MVP Flacco the highest-paid player in NFL history and could keep him in a Ravens uniform through age 34.
Corbett reported that the contract will count only $6.8 million against the Ravens' salary cap this season. The deal also aids the Ravens because they now are free to use their franchise tag, if they choose, on one of three players — linebacker Dannell Ellerbe, defensive end Paul Kruger or safety Ed Reed.
Ravens head coach John Harbaugh told the NFL Network's Albert Breer that he was happy about the deal.
"Just very happy for Joe, his family & also for Ravens fans," Harbaugh told Breer via text message. "He['s] always been our QB. So to me, this is very fitting."
Flacco had a stellar postseason while leading the Ravens to a 34-31 Super Bowl victory over the San Francisco 49ers. In the playoffs, he threw 11 touchdowns to no interceptions and completed nearly 58 percent of his passes.