The deal can be worth up to $4.5 million with incentives.
Flacco's biggest deal occurred after the Ravens won Super Bowl XLVII in February 2013. He inked a six-year, $120,000,600 contract ($51 million in guarantees) before landing a three-year, $66.4 million contract extension ($40 million signing bonus) through 2021.
The Action Network's Darren Rovell noted the following stat regarding Flacco's new deal:
Still, Flacco has carved out a nice career for himself, one that enabled him to earn well into the nine figures.
Schefter reported that Flacco will compete for the backup job behind franchise signal-caller Sam Darnold. David Fales and James Morgan round out the Jets' quarterback depth chart.
Per Sirius XM Radio NFL insider Adam Caplan, Flacco underwent neck surgery in early April and is expected to be ready by late August or early September.
Schefter reported last October that Flacco suffered a bulging disc in his neck. The Broncos released him in March with a failed physical designation.
Flacco played with the Baltimore Ravens from 2008-2018 and led the team to a Super Bowl XLVII win over the San Francisco 49ers in February 2013, capturing the championship game's MVP award. The Ravens made the playoffs six times in Flacco's first seven seasons.
Baltimore decided to go in a different direction in the 2018 draft, however, when it traded up to select Heisman Trophy winner Lamar Jackson at No. 32 overall. Jackson took over for Flacco midseason and piloted Baltimore to the playoffs.
In the offseason, the Ravens parted ways with Flacco, who signed a three-year deal to be Denver's quarterback. He went 2-6 in Denver before landing on injured reserve.
Flacco has completed 61.9 percent of his passes for 218 touchdowns, 141 interceptions and 6.8 yards per attempt for his career.