The trade can not officially be processed until the new league year begins March 13. Teams are not allowed to comment on a deal or the terms surrounding it, per Schefter.
NFL Media reports Denver will send a mid-round pick to Baltimore in exchange.
The agreement means that Baltimore is officially committing to Lamar Jackson as their quarterback.
The 34-year-old was the MVP when he led the Ravens to victory in 2013's Super Bowl XLVII. He is due $18 million in 2019, with just $7 million guaranteed.
Joe Flacco of the Baltimore Ravens throws a pass against the Denver Broncos on Sept. 23 2018 in Baltimore
This trade is the first domino to fall this offseason, with other quarterbacks such as Nick Foles, Ryan Tannehill, Tyrod Taylor and Blake Bortles expected to change teams.
One running gag on social media is the question about whether Baltimore quarterback Joe Flacco is elite.
Regardless, it became clear after the season that Jackson is the team's quarterback moving forward which made Flacco an expendable piece.
The deal, while perplexing on the surface, will create a ripple effect in Denver. A trade is similar to cutting a player in that it pushes all the prorated bonus money normally spread out over the life of a contract to right now. According to Over The Cap's calculator, trading Flacco will free up $28.25 million in 2020 and $24.25 million in 2021.
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