$44M fully guaranteed! Is he so good that he deserves that much? Baltimore Ravens quarterback Joe Flacco signed a three-year extension with the team on Wednesday that puts him under contract through 2021. Keeping Joe Flacco through 2021 just as important as additional cap space for Ravens[/paste:font] While the Ravens were probably hoping for a little more cap space, securing Joe Flacco for the long term is just as important as the short-term economics. The team didn't announce terms, but a source told ESPN's Adam Caplan that the deal is worth $66.4 million with $44 million fully guaranteed ($40 million in a signing bonus and a $4 million base salary in Year 1). The deal is expected to free up much-needed space under the salary cap for Baltimore. The Ravens were looking to lower Flacco's $28.55 million cap number, which is the third highest in the NFL, before the start of free agency on March 9. Flacco's contract presented a major opportunity for Baltimore to create cap space. By giving Baltimore more cap space, Flacco is expected to receive more guaranteed money than what he was scheduled to earn over the final three years of his current deal ($58.6 million) and continue to average more than $20 million per season. The Ravens had just $2,867,494 in cap space as of Wednesday and recently placed the franchise tag on kicker Justin Tucker (worth $4.5 million). The Ravens have two key starters set to enter free agency -- offensive lineman Kelechi Osemele and linebacker Courtney Upshaw -- and could use the cap space to try to re-sign both.