The New York Jets announced a deal on Wednesday after ESPN's Adam Schefter first reported an agreement on a one-year contract on May 22. The 35-year-old became a free agent after the Denver Broncos waived him under a failed physical designation on March 19.
Schefter noted the contract is worth $1.5 million but can increase to as much as $4.5 million with incentives.
Flacco will likely back up 2018 third overall pick Sam Darnold, while David Fales is also on the roster.
Jets general manager Joe Douglas "discovered Flacco when he was at Delaware and played an instrumental role in Baltimore's decision to select him in the first round of the 2008 NFL draft," per Jets Wire's Tyler Calvaruso.
Flacco's tenure in Denver was short and unceremonious. The Broncos acquired the Super Bowl XLVII MVP from the Baltimore Ravens in March 2019. He began last season as the team's starter but saw his season cut short by a neck injury suffered in late October that landed him on injured reserve.
It became evident that Flacco's time with the Broncos was all but over when rookie second-round pick Drew Lock shined as the starting quarterback in the last five games of the campaign.
The 23-year-old led the Broncos to a 4-1 record in December with 1,020 yards, seven touchdowns and three interceptions. Flacco went 2-6 with 1,822 yards, six touchdowns and five picks.
The Ravens drafted Flacco 18th overall in 2008. He became the franchise's all-time leader in career passing yards (38,245) and passing touchdowns (212). He is also Baltimore's all-time winningest quarterback at 96-67 across 11 seasons.
Flacco will be remembered most for leading the Ravens to a Super Bowl title to cap off the 2012 season. Baltimore defeated the San Francisco 49ers 34-31, with Flacco throwing for 287 yards, three touchdowns and no picks. Ironically, that championship run included an iconic 38-35 double-overtime win against the Broncos in the divisional round.
Flacco's production has dropped off significantly since then, and his health also appears to be a wild card.