The Ravens and quarterback Joe Flacco have agreed to restructure his contract, according to multiple reports and confirmed by CSN Mid-Atlantic. Details on Flacco’s new contract were not immediately known, but ESPN’s Adam Caplan reported that Flacco had signed a three-year extension on his current deal that would keep Flacco under contract through the 2021 season.

Flacco’s new deal will also significantly reduce his previous salary cap number of $28.55 million for next season. Restructuring Flacco’s deal was one of the major priorities of the Ravens’ offseason, because Flacco’s huge cap number would have made it far more difficult for the Ravens to address offseason needs during free agency. 

Now with Flacco’s deal re-done, the Ravens can attack other offseason priorities, like attempting to re-sign free agent offensive lineman Kelechi Osemele. The Ravens may also choose to be more aggressive in free agency, trying to fill roster holes following a 5-11 season.

Both the Ravens and Flacco Knew his contract would need restructuring after he signed his six-year, $120.6 million deal after being named Super Bowl MVP.  However, Flacco wants to finish his career in Baltimore, and he also wants the Ravens to have cap room to pursue talent. This agreement crosses a major task off the Ravens’ to-do list, before free agency begins March 9. 

RELATED: Five most likely choices for Ravens in first round