Joe Flacco took a calculated gamble by going into the 2012 season without a new contract, but it has paid off in a huge way for the Ravens' quarterback.
Flacco led the Ravens to the Super Bowl title and was voted the game's MVP, giving him huge leverage in negotiations aimed at a new contract. The Ravens have now rewarded him with a deal that could make him the highest paid player in the league.
The team announced that they had reached an agreement in principle with Flacco, and only minor details remain to be ironed out. It is expected that Flacco will sign the deal on Monday. He is entering his sixth NFL season.
The contract agreement was first reported by Jay Glazer of Fox.
Terms haven't been announced, but the deal is expected to be similar to the five-year, $100 million deal Saints quarterback Drew Brees signed before the 2012 season.
Had the Ravens not signed Flacco by Monday, they would have assigned him the franchise tag. There is a chance they will now use the tag on another would-be free agent.
UPDATE: Multiple reports indicate Flacco's deal is worth $120 million over six years.