Quarterback Joe Flacco climbed to a new financial stratosphere when the Ravens made him the highest paid player in NFL history with a $120.6 million contract.

Flacco received a $29 million signing bonus and is due option bonuses of $15 million in 2014 and $7 million in 2015 in the deal he signed Monday. He also emerged as a partner of sorts with the Super Bowl champions, joining a small fraternity of quarterbacks whose performance and salary-cap figures are pivotal to the health of their respective franchises.

Because of his lofty contract, which includes a $62 million payout in the first three years, Flacco is positioned for his deal to be restructured prior to the 2016 season when his salary-cap figure balloons to $28.55 million with an $18 million base salary. Barring an unexpected rise in the NFL salary cap, that's when the Ravens are likely to address Flacco's contract to lower his salary-cap impact.

"Depending on the salary cap, that's what will determine when we get to the fourth year, what they're going to have to do," Flacco's agent, Joe Linta, told The Baltimore Sun. "We really viewed this as sort of a three-year deal to make sure the first three years Joe was paid accordingly with the top guys in the league."