BALTIMORE, MD (The Spread) - As expected, Joe Flacco now has a new deal with he defending Super Bowl champion Baltimore Ravens.

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Flacco's new contract is worth $120.6 million over six years, making the new floor for franchise quarterbacks $20 million per season. The $20.1 million annual average over six years makes Flacco the highest paid player in NFL history, as he's making slightly more than Drew Brees' five-year, $100 million deal he signed last offseason.

What is not yet known is how much Flacco is guaranteed, what his signing bonus will be, or what the total payout will be over the first three years. The length of a contract these days hardly matters in the NFL; the guaranteed portion of the contract is the key in any new deal.

According to oddsmakers from online sports book, the Ravens are 16/1 to win the 2014 Super Bowl. The 49ers are favored at 7/1, while the Broncos and Patriots are both 15/2, respectively, and the Packers are 10/1. The Seahawks are 12/1 to win next year's Super Bowl, while the Saints are 14/1 and the Falcons and Texans both have the same 16/1 odds as the Ravens, respectively.

Flacco threw for 3,817 yards and 22 touchdowns last season while guiding Baltimore to its second Super Bowl title in less than 15 years. He was outstanding in the postseason, throwing 11 touchdown passes with zeron interceptions and completing passes at a 9.05 yards-per-attempt clip.

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