The Baltimore Ravens have agreed in principle to trade former Super Bowl MVP Joe Flacco to the Denver Broncos, per ESPN.  The trade cannot be officially processed until the new NFL league year begins March 13.

Although teams are prohibited from commenting on the deal or the terms surrounding it. When the deal is completed, it likely will be for a mid-round pick, ESPN also reported.

New Broncos coach Vic Fangio was in Baltimore for Flacco’s first two seasons, so he knows what he’ll be getting. Former Broncos executive Gary Kubiak also was a noted Flacco fan, and his opinions were a strong starting point to selling Denver on the deal.

Flacco has no more guaranteed money on his contract. His contract carries cap hits of $18.50 million for 2019, $20.25 million in 2020 and $24.25 million in 2021.

The agreement means that Baltimore is officially committing to Lamar Jackson. When the deal is completed, the Ravens will save $10.5 million in cap space. However, they will carry $16 million in dead money on their 2019 cap.