Joe Flacco and the Baltimore Ravens should have a new contract extension in place soon, and Jason La Canfora of CBS Sports is reporting a new deal could be in place by Wednesday.
Earliest new Ravens deal w/Joe Flacco would get done is midweek. Things trending well and sides will meet again today. Deal Wed at earliest
— Jason La Canfora (@JasonLaCanfora) February 29, 2016
Many fans will wonder why the Ravens would want to do such a thing just three years after giving Flacco a six-year, $120 million contract.
The reason is that Flacco’s current cap hit is $28.55 million.
Baltimore comes into the new league year with the least amount of cap space of any team in the league, at just over $6.5 million to spare.
The money on the back end of Flacco’s original contract is outrageous. It’s just like what we see right now with Drew Brees and the New Orleans Saints, who are on the hook for $30 million if they don’t work out an extension for him.
But both parties likely understood when the deal was struck that an extension would be part of the process.
By making a new deal, the Ravens are giving Flacco more money up front (because he’s clearly a franchise passer) while giving themselves more money to spend on other players this season.
It’s a win-win for both parties.