Financial terms of the deal were not disclosed but various media reports said it was worth more than $120 million, moving him past New Orleans Saints quarterback Drew Brees as the league's top earner.
The strong-armed Flacco, the only NFL quarterback to win at least one playoff game in each of his first five seasons, threw for 11 touchdowns and no interceptions in Baltimore's postseason run to the Super Bowl title.
In last month's championship game, Flacco completed 22-of-33 passes for 287 yards and three touchdowns against the strong defense of the San Francisco 49ers in a 34-31 victory.
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