Joe Flacco and the Baltimore Ravens have agreed to a six-year, $120.6 million contract that will make the quarterback the highest-paid player in NFL history, a source familiar with the deal told ESPN NFL Insider Adam Schefter on Friday.
The two sides worked on the contract language this weekend, and Flacco's deal was finalized Sunday night, a source said. The Ravens are expected to host a news conference Monday.
Ravens general manager Ozzie Newsome said the sides have settled on the parameters of the deal, but still have some language and details to work out.
Fox Sports was the first to report that Flacco and the Ravens had agreed to a deal.
Drew Brees is currently the highest paid player in the NFL, averaging $20 million per year.
Flacco played out his rookie contract this past season for $6.76 million. Now, based on the $120.6 million deal, he will make an average of $168,908 each day of the regular season for the next six years.
Reaching agreement with Flacco before Monday's 4 p.m. franchise deadline means the Ravens are assured of retaining their starting quarterback and don't have to take a salary cap hit of approximately $19.5 million.
On Feb. 7, Newsome said, "If we are able to get a deal done, it will allow us to participate more in the (free agent) market, if we so choose."
Ravens running back Ray Rice took to Twitter to congratulate his teammate Friday night.
"Dinner and a few nights on Joe Flacco when we get back well deserved #Ravens," Rice tweeted.
Capping a perfect postseason, the unassuming and unheralded Flacco completed 22 of 33 passes for 287 yards and three first-half touchdowns, earning Super Bowl MVP honors for leading the Ravens to a 34-31 victory over the San Francisco 49ers.
He wrapped up Baltimore's four-game run to the title with a record-equaling 11 TD passes and zero interceptions, going 73 of 126 for 1,140 yards. It was an impressive streak that included road victories against two of the game's most respected quarterbacks, Peyton Manning and Tom Brady, and a first-round home win against No. 1 overall draft pick Andrew Luck.
The 28-year-old Flacco, a fifth-year pro, threw for 22 touchdown passes and 10 interceptions in the regular season. He has thrown for 17,633 yards, 102 touchdowns and 52 interceptions in 80 career games.
Flacco is the only quarterback to win a postseason game in each of his first five pro seasons. He also holds the record for playoff road wins with six.
Before the Super Bowl, Ravens owner Steve Bisciotti expressed confidence that Flacco would be the Ravens' quarterback of the future.
"We've never lost a great, great franchise player from the beginning," Bisciotti said. "I'm just very comfortable that it will get done."
Had Flacco been franchised, he would have earned at least $14.896 million this season.
Information from ESPN NFL Insider Adam Schefter, ESPN senior NFL analyst Chris Mortensen, ESPN.com's Darren Rovell and The Associated Press was used in this report.