The trade can not be officially processed until the new league year begins on March 13.
The decision to trade Flacco shows the team's commitment to quarterback Lamar Jackson who was the team's first round pick a year ago.
The 34-year-old Flacco has had back issues the last few seasons and his play has slipped.
Since Peyton Manning retired, Broncos President of Football Operations John Elway has had a hard time nailing down a franchise quarterback for the team.
Cousins completed a career-high 70-percent of his passes this season for 30 touchdowns and just 10 interceptions on the year.
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The reported trade thrusts the future of incumbent Broncos starter Case Keenum into jeopardy. If the team were to outright release him prior to the upcoming year, they'd be hit with $10 million in dead cap, but would still free up $11 million in space due to the large deal, per Spotrac. The Ravens will absorb a $16 million cap penalty for trading Flacco. A year ago, Elway signed Keenum to a two-year, $36 million deal and said Keenum had a better year in 2017 than Kirk Cousins, whom the Broncos had also looked at in free agency. Fortunately, as ESPN's Adam Schefter detailed, Flacco has no guaranteed money left on his current deal.
Flacco has a connection to the revamped Denver coaching staff.
As the season approaches, we'll have more on National Football League futures changes, and it should become clear whether or not Flacco ignites a fire within the Denver faithful.
As Dolphin fans turn their nose up reading this, the team will be looking for a veteran quarterback under center as they're set to release Ryan Tannehill after seven seasons. It doesn't get them any closer to solving their long-term quarterback problem, but outside of lucking out on Manning, Elway hasn't proven able to do that, anyway.
Elway is always in what he calls win "from now on" mode, and Flacco's arrival will be just more proof of that.