NFL Free Agency: Joe Flacco to sign one-year contract with Indianapolis Colts, per report

It’s been one heck of a ride in the past year for quarterback Joe Flacco. He was without a doubt, one of the biggest surprises of the 2023-2024 NFL season. He stunned everyone in propelling the Cleveland Browns to the 2024 NFL Playoffs, managing to complete 60.3% of his passes for 1,616 yards, while tossing in 13 touchdowns and 8 interceptions.

After carrying the Browns to the postseason, Flacco is now preparing to sign a one-year contract with the Indianapolis Colts, ESPN’s Adam Schefter reported. His contract is worth up to $8.7 million, with $4.5 million in guaranteed money, as he joins Anthony Richardson in the Indianapolis quarterback room.

At the NFL Honors ceremony, Flacco brought home 2023-2024 Comeback Player of the Year honors. He barely edged out Buffalo Bills safety Damar Hamlin, with 151 total points in the voting to Hamlin’s 140.

Flacco stepped up and in a big way for the Cleveland Browns once Deshaun Watson went down with his season-ending shoulder injury. The former Ravens star was pressed into action, and he delivered, rattling off four straight wins from Week 13 to Week 17. The Browns ended up losing in the Wild Card Round to the Houston Texans, 45-14. Cleveland managed to win four of six games that Flacco started for them this season. He was only a few weeks removed from sitting at home on his couch, but certainly didn’t show it on the field.

Flacco signs with a team, more on the 2024 NFL offseason, free agency

The NFL 2024 calendar year begins at 4 p.m. ET on March 13. At that time, contracts running through 2023 officially run out, making those players free agents. Prior to the beginning of free agency, teams will have a chance to designate one franchise or transition tag player, starting on Feb. 20 at 4 p.m. ET and ending on March 5. Beginning March 11 through March 13 teams can enter into a legal negotiation with players who are set to become unrestricted free agents.

In addition to NFL free agency, the new year also marks the beginning of all trades being made official by the league office. April 19 marks the deadline to sign restricted free agents to offer sheets. On April 24, the deadline for teams to match restricted free agent offers sheets hits. Following the restricted free agent deadline follows the 2024 NFL Draft, which runs from April 25-27.

More on restricted, exclusive rights free agents

Players with only three years of accredited NFL experience become restricted free agents. Their original team will have the option to apply first-round, second-round, original-round, and right-of-fight-of-first-refusal tenders on players at escalating price tags. The higher the round, the more expensive the tender amount; however, if a separate team does offer a contract and the original team does not match that round pick will be conveyed from the new team to the original team. Right of first refusal only gives a team the option to match or not. If they don’t match, they get nothing in return. An original-round tender would send a draft pick from whatever round the player was drafted back to the original team if they chose not to match. The original team will have five days to match once a player signs an offer sheet from a new team.