Adam Caplan of Scout.com reports, and we have confirmed via two sources, that the Ravens and first-round pick Joe Flacco have agreed to terms.

It’s a five-year deal, with a value of nearly $30 million.  The deal includes Brady Quinn-style escalators based on playing time.  Unlike Quinn, the fact that Flacco is signed before the start of training camp makes it more likely that he’ll be the starter at some point in his rookie year.

The contract also includes $8.75 million in guaranteed money. 

Flacco was the 18th overall selection in the draft.