The Broncos have agreed in principle to trade for 34-year-old Ravens quarterback Joe Flacco, according to ESPN’s Adam Schefter. The trade can’t be processed until the new league year starts on March 13. NFL.com’s Ian Rapoport reports that the Broncos will send a “mid-round pick” to Baltimore, further reports suggest that will be a fourth-rounder.

Flacco is due $18.5 million in 2019, $20.25 million in 2020 and $24.25 million in 2021. None of the money is guaranteed, so the Broncos could cut him with no salary cap penalty at any point. The Ravens will absorb a $16 million cap penalty for trading Flacco.

Case Keenum is still under contract with the Broncos for the 2019 season. He’s due $16 million this season, but the Broncos can trade or release him for an $8 million salary cap penalty.

In early 2013, Flacco earned Super Bowl XLVII MVP honors, for a 22-of-33 performance that resulted in nearly 300 yards and three touchdowns in a 34-31 win over the San Francisco 49ers. Two games earlier, in the divisional round, Flacco’s Ravens beat the Broncos in double-overtime, after the quarterback completed a 70-yard touchdown bomb over Broncos safety Rahim Moore’s head to tie the game with under a minute remaining in regulation.

Last April, the Ravens drafted Heisman Trophy-winning quarterback Lamar Jackson with their first-round pick. Flacco was the Ravens opening day starter, but in Week 9 he suffered a hip injury and Jackson snagged the starting job. The Ravens were 4-5 under Flacco before Jackson led them on a 6-1 tear to earn a playoff appearance.

Flacco was a first-round draft pick out of Delaware and won NFL Rookie of the Year Honors in 2008. He’s a career 61.7 percent passer with a 1.56 touchdown to interception ratio. He only has one career 4,000-yard passing season, but he’s hit 3,500 in seven of 11 NFL seasons.