BALTIMORE (WJZ) — The Ravens and quarterback Joe Flacco have agreed to a threeyear contract extension, locking down Flacco through the 2021 season.

Joe Flacco’s contract extension is worth $66.4 million with $44 million fully guaranteed. This restructuring will give some much-needed cap room to the Ravens. According to CBSSports.com’s Jason La Canfora, Flacco’s new deal is expected to save the Ravens roughly $6 million in cap space this season and $13 million in the next two years.

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Baltimore now has the ability to be more aggressive during free agency and work on keeping players like Kelechi Osemele.

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Flacco reportedly got a $40 million signing bonus, per NFL Media’s Ian Rapoport. It’s a win-win for both sides.

Flacco’s knee injury ended his streak of 122 consecutive starts, which ranked fifth in the league, but the Ravens have faith in Flacco to rebound to his usual form for the 2016 season.

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The Ravens will hold a 2 p.m. press conference today with Ozzie Newsome, John Harbaugh and Joe Flacco.