By trading Flacco, Baltimore will have $16 million on their dead cap for 2019.
The teams are prohibited from commenting on the deal or the terms. Ian Rapoport of the NFL Network reported that Denver will send a mid-round draft pick to the Ravens in return for Flacco. When the deal is completed, the Ravens will save $10.5 million in cap space.
Flacco lost his starting job in Baltimore this past season to rookie Lamar Jackson and the Ravens said they would consider trade offers for him this offseason.
Flacco, 34, has spent his entire career in Baltimore and finishes his tenure as the franchise's most successful quarterback after setting multiple records and winning the team's second Super Bowl. He is due $18 million in 2019, with just $7 million guaranteed. Flacco's quarterback rating hasn't risen above 90 since the 2014 season.
Flacco was the starter for most of his 11 seasons with the team before a hip injury sidelined him after nine games this season.
The deal, while perplexing on the surface, will create a ripple effect in Denver.
He was a first-round pick of the Ravens in 2008.
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