Former Super Bowl MVP Joe Flacco has secured a significant deal in free agency, finalizing a one-year contract with the Indianapolis Colts valued at up to $8.7 million.

The deal includes $4.5 million in guaranteed money for the quarterback, according to a report from league insider Adam Schefter of ESPN.

The 39-year-old is now expected to assume the role of backup QB to Anthony Richardson, who was selected with the fourth overall pick by the Colts in the 2023 NFL Draft.

Flacco is widely recognized for his 11-season tenure with the Baltimore Ravens from 2008 to 2018, during which he became one of the league's best signal-callers. His standout year came in 2012 when he led the team to victory in Super Bowl XLVII.

Following his time as the Ravens' starting quarterback, Flacco embarked on a journeyman phase, making stops with the Denver Broncos, two stints with the New York Jets, and the Philadelphia Eagles before 2023.

Joe Flacco's sensational comeback season in 2023

Despite doubts about his future in the league, Flacco returned from the brink of retirement last year.

Flacco joined the Cleveland Browns midway through the season, starting in five games. During this stretch, he achieved an impressive 4-1 record and boasted a passer rating of 90.2.

Throughout these games, he accumulated 1,616 passing yards, threw for 13 touchdowns, and had 8 interceptions.

His contributions were instrumental in leading the Browns to secure a postseason berth, and he clinched the Comeback Player of the Year award.