Reports: Flacco, Ravens agree in principle on richest deal in NFL history

The Ravens didn't take long to wrap up their biggest order of business this offseason: signing Joe Flacco.

Baltimore has agreed to a new deal with its franchise quarterback and the Super Bowl XLVII MVP, according to multiple reports. While the terms of the deal are not yet known, it is expected to be the largest contract in NFL history.

Flacco, the Ravens' first-round pick in the 2008 draft, has put together an impressive first five years in the league. The 28-year-old has completed 60.5 percent of his passes for 17,633 yards, 102 touchdowns and 74 interceptions in starting 80 career games. He has not missed a start since being drafted by Baltimore.

He has also compiled an incredible playoff record of 9-4, culminating with this year's run to his first Super Bowl and the second in Ravens history. Flacco is the first quarterback in NFL history to win at least one playoff game in each of his first five seasons.

According to The Sun, Flacco is expected to be at the Under Armour Performance Center on Monday to put the finishing touches on the contract.

This move has positive ramifications for the Ravens' undesirable salary cap situation. If Baltimore had to place the franchise tag on Flacco and pay him the average salary of the top five quarterbacks in the league for just one season, it would've put the team about $20 million over the cap, and forced the club to cut some players it might have otherwise wanted to keep.

While the long-term contract will certainly be massive, the fact that it is for more than one year brings some cap relief and will help the Ravens remain more intact for the immediate future.

Update: According to the Ravens' site, Flacco has an agreement in principle, but the deal is not yet complete. However, an agreement is anticipated.

Update II: ESPN's Adam Schefter is now reporting that Flacco's deal is for six years and more than $120 million, making it the richest contract in NFL history.