Nick Wass/Associated Press

Baltimore Ravens quarterback Joe Flacco and the team have reportedly agreed to a new three-year contract through 2021, per Adam Caplan of ESPN, citing a source.

"Come on, I want to win, so I want to do everything we can to get something done," Flacco said on Jan. 21, per ESPN.com's Jamison Hensley. "I don't know exactly what that is or exactly what that's going to be because we haven't talked about it yet. But I know that that's a huge number, and it's not really realistic."

Flacco was slated to count $28.55 million against the cap in 2016, which would have ranked third in the NFL behind New Orleans Saints quarterback Drew Brees and Miami Dolphins defensive tackle Ndamukong Suh, according to Spotrac. Meanwhile, Baltimore is projected to have roughly $2.4 million in cap space heading into free agency, which ranks 29th in the league, per Spotrac.

The Ravens had plenty of motivation to work something out with the quarterback as they look to retool the roster after an injury-riddled 5-11 campaign. Flacco himself was lost for the season in late November after suffering a torn ACL and MCL.

The front office handed him a six-year contract after he led the team to a Super Bowl title during the 2012 campaign. The first three seasons were reasonably priced, but the lowest cap number over the remaining three years was $24.75 million in 2018.

His numbers since that championship run have been merely average. He's tossed 60 touchdowns and 46 interceptions across 42 regular-season games.

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Now that the two sides have reached a deal, Flacco will probably hope that extra money gets spent to upgrade his receiving corps while he focuses on rehab. Baltimore lacked playmakers on the outside after Steve Smith Sr.'s season ended due to an Achilles injury, and it could use another deep threat looking toward 2016 and beyond.