Joe Flacco signed a three-year extension with the Ravens on Wednesday. The team confirmed the signing after CBS Sports NFL Insider Jason La Canfora first reported the two sides had agreed to the deal. 

Flacco and Baltimore first inked a long-term deal in March 2013, following the quarterback's decision to bet on himself, which promptly resulted in a deep playoff run (with Flacco playing out of his mind) and a Super Bowl victory against the 49ers. 

The only issue with that elite contract was the cap hit for 2016, a ridiculous $28.55 million. The good news is Flacco was willing to restructure, so he sat down with the Ravens and started to talk turkey.

The result was a contract that could potentially keep the quarterback with Baltimore for the rest of his career.

La Canfora also reports Flacco's new deal will keep him "as one of the highest paid" quarterbacks in football. 

Additionally, it has benchmarks in new money and a signing bonus for Flacco. As La Canfora notes, the Ravens "re-committed" to him. This is especially true considering Flacco tore his ACL -- the first major injury of his career -- late last season in what ultimately was a lost year for Baltimore.

La Canfora reports Flacco is making "great strides coming off knee surgery and the team is hopeful he will be ready for the start of the season."

For the Ravens, this is a huge bonus, because it should free up a ton of cap space. As of Wednesday morning, Baltimore had only $1.6 million in room. Manuever Flacco's cap hit to something even manageable, and Ozzie Newsome will get a lot of wiggle room to walk.

Joe Flacco gets a new deal from Baltimore. (USATSI)