By Eric Schmidt

Life is good if you are Baltimore Ravens quarterback Joe Flacco. You have just won the Super Bowl along with the game’s MVP trophy and now you have some extra pocket cash as a result of a very lucrative long-term deal. A source has told ESPN’s Adam Schefter and FoxSports Jay Glazer that the Baltimore Ravens have agreed to a new deal for quarterback Joe Flacco. The deal is a reported six-year contract worth $120.6 million.

This contract makes Flacco the highest paid quarterback in the NFL, just barely edging out New Orleans Saints QB Drew Brees. The deal is expected to be announced on Monday according to reports.

This deal comes in the nick of time for the Ravens. Since a deal has been reached between Flacco and the Ravens, the team can now use the franchise tag on one of their other impending free agents, S Ed Reed, Paul Kruger or Bryant McKinnie. Teams have until Monday to place the franchise tag on any player.

Flacco had a remarkable run through the playoffs, throwing 11 touchdowns and no interceptions. He defeated Peyton Manning and Tom Brady on the road and has become the first ever quarterback in league history with a post-season win in each of his first five seasons in the league.

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