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Flacco gets $66.4 million in new money, $44 million at signing

Jacksonville Jaguars v Baltimore Ravens

BALTIMORE, MD - NOVEMBER 15: Joe Flacco #5 of the Baltimore Ravens celebrates after throwing a first half touchdown pass against the Jacksonville Jaguars at M&T Bank Stadium on November 15, 2015 in Baltimore, Maryland. (Photo by Rob Carr/Getty Images)

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Ravens quarterback Joe Flacco has agreed to a three-year extension designed to chop down his $28.55 million cap hit in 2016 and an even bigger one in 2017.

According to multiple reports, he’s accomplished that with a deal that gives him $44 million in guaranteed money at signing. Flacco will receive a $40 million signing bonus that can be spread over the life of the deal, which is now set to expire after the 2021 season, and a $4 million base salary for the 2016 season. The deal drops his cap hit by $6 million this season.

Flacco made $62 million over the last three seasons, which means he’s at $106 million in total earnings over the last four years. It’s hard to argue with the observation that Flacco has taken full advantage of his earning power since winning a Super Bowl with the Ravens in February 2013.

The total new money in the deal is $66.4 million, which is an average per year of over $22.1 million. That would the highest in the league, although the total including the original deal is lower and Saints quarterback Drew Brees’ expected extension this offseason could further alter the landscape for NFL quarterbacks.