Ravens to trade Joe Flacco to Broncos

The Baltimore Ravens have an agreement in principle to trade former Super Bowl MVP Joe Flacco to the Denver Broncos, league sources told ESPN on Wednesday.

The trade cannot officially be processed until the new league year begins March 13.

The agreement means that Baltimore is officially committing to Lamar Jackson as its quarterback. When the deal is completed, the Ravens will save $10.5 million in cap space. However, they will carry $16 million in dead money on their 2019 cap.

Meanwhile, the Broncos, who have the 10th overall pick in this year's draft, are addressing their biggest need as the NFL's offseason quarterback carousel is beginning to spin.

Trade talks between Baltimore and Denver commenced Monday and culminated Wednesday morning, when the Broncos agreed to the deal for Flacco, the MVP of Super Bowl XLVII.

The demand at the position is one reason Denver pounced on Flacco. The Broncos began to study him during Super Bowl week, sources told ESPN, and agreed to a deal before the combine.

Flacco, 34, has no more guaranteed money on his contract. His contract carries base salaries of $18.5 million for 2019, $20.25 million in 2020 and $24.25 million in 2021.