The Broncos are likely sending the Ravens a mid-round draft pick in the swap. The deal cannot be finalized until the new league year begins on March 13.
Flacco, 34, completed 61.2 percent of his passes last season for 2,465 yards, 12 scores and six interceptions. He ultimately lost his starting job to rookie Lamar Jackson. The 11-year veteran owns a 96-67 record as a starter and won a Super Bowl with the Ravens in 2013. Flacco was named Super Bowl XLVII MVP for his efforts against the San Francisco 49ers.
The Ravens will save $10.5 million in cap space when the deal is completed.
While the deal is good news for Jackson, it means that last season's Broncos starter Case Keenum now has some competition for starting duties in 2019. The Broncos signed Keenum to a two-year, $36 million in March.
Keenum had a disappointing year for the Broncos, completing 62.3 percent of his passes for 3,890 yards, 18 scores and 15 interceptions in 16 starts. The Broncos finished 6-10 in 2018.