The Baltimore Ravens and rookie first-round pick Joe Flacco agreed to a five-year contract worth up to $30 million, agent Joe Linta said Wednesday night. The deal includes $8.75 million in guaranteed money.

The Ravens were unable to sign franchise player Terrell Suggs to a contract extension before Tuesday's deadline after a late round of negotiations the past two days, as reported by the Associated Press. Under NFL guidelines regarding franchise players, teams had until 4 p.m. ET Tuesday to reach new deals or be forced to wait until after the season.

The Ravens will meet with the agent for first-round quarterback Joe Flacco on Tuesday and Wednesday as the sides try to reach a deal before training camp begins next Tuesday. Flacco, the 18th overall pick, will compete against Troy Smith and Kyle Boller for the starting quarterback job. He will increase his chances of starting the season opener if he can avoid a holdout. "I'm very hopeful Pat [Moriarty, Ravens' chief negotiator] and I can finish this off before everything begins," said Joe Linta, the agent for Flacco.

QB Trent Dilfer, who helped the Ravens win a Super Bowl championship, is calling it quits after 13 seasons in the NFL. Dilfer told the Reno Press-Gazette on Wednesday that he is retiring and is planning a formal announcement in the next few days. Appearing at a golf tournament in Lake Tahoe, Dilfer said he suffered an Achilles tendon injury while on vacation this off-season, which just reinforced his decision to end his career. ?I was going to retire anyway,? Dilfer said. ?This just gives clarity to the situation.?