Latest Updates on Joe Flacco and Ed Reed's Future with Baltimore Ravens

Forget about Ray Rice. 

The Baltimore Ravens front office did what they needed to do by signing their star runner to a five-year, $40 million deal (via ESPN.com). They know what they'll get from the fiery competitor and have him locked up through 2016.

Joe Flacco and Ed Reed, two of the team's vital assets, are next on the financial docket as the team nears the start of training camp.  

Are extensions imminent? 

Here are the latest updates on the contract situations of both Ravens' stars. 

Joe Flacco

The Baltimore Ravens have focused their attention on signing quarterback Joe Flacco to an extension potentially as early as this week, according to Daniel Jeremiah of NFL.com.

ESPN.com's Chris Mortensen also confirmed the rather optimistic news this week. 

There haven't been any reports citing the possible length or value of the deal, probably because it's somewhat difficult deciding the type of money Flacco deserves. The 2008 first-round pick hasn't missed a game in his four-year career. While he's shown glimpses of quarterbacking brilliance, he has looked completely out of sorts for stretches as well.

Some believe he's held back the Ravens over the last two seasons, while others praise his relatively consistent play.

For reference, though in more of a game-managing role and with a much smaller sample size, Flacco has a higher career completion percentage and quarterback rating than Eli Manning, and the Ravens signal-caller has fared much better in the postseason of late. 

Also, Flacco throws an interception ever 42.5 throws, while Manning tosses one every 30 tosses. 

Manning trumps Flacco two to none in the most important category—Super Bowl rings, but Flacco can make a case for desiring close, but probably slightly below, the seven-year, $107 million contract the G-Men quarterback signed in 2009. 

Remember, much less established quarterbacks have inked major deals over the last year. The Buffalo Bills agreed on a six-year, $59 million deal with Ryan Fitzpatrick last season (via ESPN.com) and the New York Jets inked Mark Sanchez to a five-year, $58 million contract in March (via ESPN.com).

Ed Reed

This offseason, Reed has shown a strong displeasure with his contract situation and has even flirted with the possibility of not showing up on time for training camp.

If there's a guy in the league that can afford to skip a portion of camp, it's Reed, but financial disagreement between player and organization is never a positive thing. 

On July 18, Comcast Sportsnet reporter Brent Harris confirmed via Twitter that Ed Reed will play in 2012.

"

At Ed Reed golf event today...Ed told everyone before it stared he's playing this year...#Ravens.

— Brent Harris (@CSNBrent) July 18, 2012"

The next day, the Ravens' official Twitter account allowed fans in Baltimore to breathe a sigh of relief with this tweet:

"

Good news #Ravens fans... Safety Ed Reed was here in the building working out today.

— Baltimore Ravens (@Ravens) July 19, 2012"

As of now, it looks like Reed has decided to honor the six-year, $44.4 million deal he signed in 2006 that expires at the end of this season. 

The Pittsburgh Steelers star safety Troy Polamalu was inked to a four-year, $36.5 million deal in September of 2011, but he is two years Reed's junior. 

It'll be interesting to see what Baltimore's front office decides to do with one of the best safeties the NFL has ever seen.

Follow @ChrisTrapasso