The Baltimore Ravens have essentially agreed to a seven-year, $127.3 million contract with Joe Flacco.

The Ravens had offered Flacco a new deal in August 2012 that would have replaced his rookie contract and the 2012 season, which he played at $6.76 million. The annual average would have been $16 million per season.

Even if the Ravens had been offering $18 million per year last August, they would have had Flacco under contract through 2016.  He’s now under contract through 2018, at roughly the same average.