Joe Flacco and the Baltimore Ravens have agreed upon a three-year extension through 2021.

The Ravens were looking to lower Flacco's $28.55 million cap number, which is the third-highest in the NFL.

Flacco is expected to receive more guaranteed money than what he is scheduled to earn over the final three years of his current deal ($58.6 million) and continue to average more than $20 million per season.

Flacco receives $66.4 million in new money and a record $40 million signing bonus with $44 million guaranteed.