Kyle Simpson, Ravens Corespondent

The wait is finally over.

The Ravens’ quarterback Joe Flacco has agreed to a new long term deal that will finally put to rest all of the questions of numbers and salary cap hits. And in the process, Joe Flacco becomes the highest paid player of all time.

What is the behemoth deal made of?

Six years, $120.6 million, $52 million of that guaranteed. Only $6.8 million of that will count against the cap this year, leaving the Ravens with a little over $10 million in cap space to deal with their free agents.

I would expect a resigning of Dannel Ellerbe to a long term deal and the tendering of all (give or take one or two agents) of the Ravens’ restricted freee agents.

The other big question mark is Ed Reed. Will he be back?

Probably.

He’ll probably take the same course Ray Lewis did and shop potential teams and get offer sheets to give the Ravens a better idea of what other teams think he is worth and then match that deal and have Ed sign a new deal with the Ravens. It is hard to see him go anywhere else after this year.

I would not expect any cap casualties from the Ravens either. Anquan Boldin (taking up $7.5 million) and Jacoby Jones ($5 million) are probably safe with Joe Flacco’s new deal. Vonta Leach is still a big question but I’d expect him to be safe.

Flacco is expected to sign the deal and take a physical today.