For anyone suggesting that Joe Flacco is still not an elite quarterback, his upcoming extension begs to differ.

UPDATE: Monday, Mar. 4, at 2:40 p.m. ET by Brandon Galvin

Joe Flacco and the Baltimore Ravens have officially agreed on the historic contract extension, according to NFL.com's Gregg Rosenthal.

'It was pretty uneventful, to tell you the truth,' Flacco said of signing of contract. 'It's not really a big deal. Our goal is to win the Super Bowl. That's always been one of my goals. It's never necessarily been a goal of mine to get paid like this, it's just what comes with the job...'

'...It means a lot. It was never necessarily about the money. But it's definitely about earning that respect,' Flacco said.

---End of update---

UPDATE: Sunday, March 3, at 11:16 p.m. ET by Ryan Rudnansky

Aaron Wilson of the Baltimore Sun tweeted out the details of Flacco's contract on Sunday:

Joe Flacco's $120.6 million deal includes a $29 million signing bonus, $6.8 million salary-cap figure in first year

— Aaron Wilson (@RavensInsider) March 3, 2013

Albert Breer of NFL Network added:

More Flacco: $29 million signing bonus; Option bonuses of $15M and $7M built into the deal; $30M in Year 1; $51M thru 2; $62M thru 3.

— Albert Breer (@AlbertBreer) March 3, 2013

More details of Flacco's contract can be found on NFL.com.

---End of update---

UPDATE: Sunday, March 3, at 10:36 p.m. ET by Tim Keeney

NFL insider Adam Caplan gives us more specifics on Flacco's contract:

Flacco's 6-yr, $120.6 M deal: $52 M guaranteed. $51 M for the first 2 yrs, $62 M for the 1st 3. $6.8 M cap # for 2013.

— Adam Caplan (@caplannfl) March 4, 2013

---End of update---

UPDATE: Friday, March 1 at 7:52 p.m. ET by Ian Hanford

According to ESPN's Adam Schefter, Flacco's new contract with the Ravens will make him the highest-paid player in NFL history:

Joe Flacco and Ravens agreed to a six-year contract in excess of $120 million that makes him the highest paid player in NFL history.

— Adam Schefter (@AdamSchefter) March 2, 2013

Schefter also noted specifics regarding Flacco's new deal:

To be precise, Joe Flacco's deal with Ravens will clock in at six years and $120.6 million, a bit more than Drew Brees' in almost every way.

— Adam Schefter (@AdamSchefter) March 2, 2013

---End of Update---

According to NFL insider Jay Glazer, the Baltimore Ravens have reportedly agreed to terms on a new deal with the reigning Super Bowl MVP:

Ravens have agreed to a new contract with QB Joe Flacco. He will sign it on Monday

— Jay Glazer (@JayGlazer) March 1, 2013

Reports: #Ravens and Joe Flacco have agreed to a new deal.

— Baltimore Ravens (@Ravens) March 1, 2013

The terms of the contract have not yet been announced.

The Ravens, presumably, had to open up the vault for their franchise quarterback in a move that has to have the majority of Ravens fans grinning from ear to ear.

Prior to the 2013 postseason, that would not have been the case.

Flacco entered the season after posting a quarterback rating of 80.9 in 2011, the worst since his rookie year. The 28-year-old then struggled through an inconsistent regular season in 2012, winding up with a quarterback rating of 87.7. Flacco had some brilliant games, but they were marred by some bad performances and an offense that stalled near the season's end.

It was a different story in the postseason.

Flacco was nearly flawless as the Ravens made their surprise run in claiming the Lombardi Trophy.

He tied a postseason record by throwing 11 touchdown passes, and he did so without suffering a single interception.

Joe Cool is quickly turning into a postseason legend. He has won at least one playoff game in each of his five seasons, and the moment is never too big for this poised signal-caller.

While Flacco's inconsistency has left something to be desired, his play in the postseason has been nothing short of amazing. And there is nothing more valuable in the NFL than that.