Report: Ravens trading Joe Flacco to Broncos

The Joe Flacco era in Baltimore is over. The Case Keenum era in Denver might be, too.

Adam Schefter reported Wednesday the Ravens are trading Flacco to the Broncos in return for a third-round pick.

Breaking: Baltimore has agreement in principle to trade former Super Bowl MVP Joe Flacco to the Broncos, league sources told ESPN.

Trade cannot be processed until new NFL league year begins Wednesday, March 13. Teams prohibited from commenting on deal or terms surrounding it.

— Adam Schefter (@AdamSchefter) February 13, 2019

There is familiarity with new Broncos coach Vic Fangio and Flacco, who won a Super Bowl in Baltimore.

New Broncos HC Vic Fangio spent one season in Baltimore while Joe Flacco was Ravens’ QB and knows what he will be getting. Former Broncos’ exec Gary Kubiak also was a Flacco fan, and has mentioned how much he liked the soon-to-be Broncos’ quarterback. They were strong selling pts

— Adam Schefter (@AdamSchefter) February 13, 2019

Per ESPN.com:

The trade cannot be officially processed until the new NFL league year begins March 13.

The agreement means that Baltimore is officially committing to Lamar Jackson. When the deal is completed, the Ravens will save $10.5 million in cap space. However, they will carry $16 million in dead money on their 2019 cap.