The Baltimore Ravens finalized a three-year contract extension with quarterback Joe Flacco on Wednesday and freed up a little bit of salary cap space in each of the next two seasons in the process.
The extension, which now ties Flacco to the Ravens through the 2021 season, is worth $66.4 million and included $44 million in guaranteed money of which $40 million was given as a signing bonus.
Prior to Wednesday’s extension, Flacco was scheduled to count $28.55 million against the Ravens salary cap in 2016 and $31.15 million in 2017. His new deal now has cap charges of $22.55 million and $24.55 million in those two respective years.
In short, Flacco received $66.4 million in new money on Wednesday with $4 million of that being his fully guaranteed base salary in 2016.
Even with Flacco’s new deal, there’s a good chance the Ravens will need to restructure it at this same time next season in order to lower his 2017 cap charge. Below is what Flacco’s new contract looks like by year and what it looked like on Tuesday.
New Contract
| YEAR | BASE SALARY | PRORATED BONUS | ROSTER BONUS | CAP CHARGE |
|---|---|---|---|---|
| 2016 | $4,000,000.00 | $18,550,000.00 | $0 | $22,550,000.00 |
| 2017 | $6,000,000.00 | $18,550,000.00 | $0 | $24,550,000.00 |
| 2018 | $12,000,000.00 | $12,750,000.00 | $0 | $24,750,000.00 |
| 2019 | $18,500,000.00 | $8,000,000.00 | $0 | $26,500,000.00 |
| 2020 | $20,250,000.00 | $8,000,000.00 | $0 | $28,250,000.00 |
| 2021 | $24,250,000.00 | $0 | $0 | $24,250,000.00 |
Old Contract
| YEAR | BASE SALARY | PRORATED BONUS | ROSTER BONUS | CAP CHARGE |
|---|---|---|---|---|
| 2016 | $18,000,000 | $10,550,000 | $0 | $28,550,000 |
| 2017 | $20,600,000 | $10,550,000 | $0 | $31,150,000 |
| 2018 | $20,000,000 | $4,750,000 | $0 | $24,750,000 |
