The Indianapolis Colts and veteran quarterback Joe Flacco have reached an agreement on a one-year contract worth $8.7 million, sources told ESPN's Adam Schefter on Wednesday.
Flacco, who played for the Cleveland Browns last season and won NFL Comeback Player of the Year honors, will receive $4.5 million guaranteed in the deal, according to sources.
In Indianapolis, Flacco will support and mentor second-year quarterback Anthony Richardson. Flacco will give the Colts peace of mind after Richardson missed 12 games as a rookie following a season-ending shoulder injury and a concussion earlier in the campaign.
Flacco provides the Colts with a reliable backup who won't take practice reps from a young quarterback in his developmental stages. The 17th-year signal-caller can guide Richardson, who started a full season at Florida and missed precious opportunities to play during his rookie campaign.
With Gardner Minshew, last year's backup QB in Indy, signing with the Las Vegas Raiders this week, the Colts have a proven replacement in Flacco. Flacco's arm strength should also be a boost against Minshew, who often hesitates to throw the deep ball. Colts coach Shane Steisen admitted the Colts didn't make mistakes last season. In Richardson and Flacco, the Colts now have two of the biggest weapons in the NFL.
Flacco signed with the Browns' practice squad in November after quarterback Deshaun Watson suffered a season-ending shoulder injury. Two weeks later, Flacco made his first start. He became the first quarterback in NFL history to throw for more than 250 yards and multiple touchdowns in his first five games with a new team.
Flacco led the Browns to a four-game winning streak and a No. 5 seed in the AFC playoffs. He finished the regular season with 1,616 yards passing, 13 touchdowns and eight interceptions in five games.
However, Cleveland fell to the Houston Texans in the first round of the postseason. Flacco threw pick-sixes on back-to-back possessions in the second half of a 45-14 loss.
Flacco, 39, won the Super Bowl with the Baltimore Ravens in 2013 and was named the Super Bowl MVP. He has thrown for 43,936 yards and 245 touchdowns in a career that has also included time with the Denver Broncos, New York Jets and Philadelphia Eagles.
ESPN's Jake Trotter and Stephen Holder contributed to this report.
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