New Jersey native Joe Flacco traded to Broncos, sources say

BALTIMORE -- The Baltimore Ravens are trading Audubon, New Jersey native Joe Flacco to the Denver Broncos, sources tell ESPN.

The trade cannot be officially processed until the new NFL league year begins March 13.

The 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, sources told ESPN.

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.

The former University of Delaware quarterback led the Ravens to the Super Bowl 2013 and went on to beat the 49ers.