The Baltimore Ravens missed the playoffs for the second time since hiring John Harbaugh as their head coach in 2008 and were one of the biggest surprises in the league last season, as they lost their franchise quarterback, star wide receiver, and star running back all to season-ending injuries. The Ravens lost quarterback Joe Flacco last season with a torn ACL, but he is reportedly doing well and has been rehabbing his knee since the surgery in early December.

The former first round pick struggled with turnovers during the 2015 season prior to the injury, but the Ravens franchise clearly still believes he is the future of their organization, as it reportedly signed him to a three-year extension through the 2021 season. The Ravens are looking to get back to the postseason in 2016, and with multiple key players returning healthy next season, they likely will be contenders in a strong AFC North.

The Ravens are in the bottom of the league in salary cap space this offseason, but Flacco's extension reportedly will open $6 million in cap space for the team next season and more than $13 million for the next two years. The move could allow the Ravens to sign a significant free agent this offseason or multiple role players. The deal works for both Flacco and the Ravens, as it opens cap space for the team but also reportedly gives Flacco a record $40 million signing bonus and gets him $44 million guaranteed at the time of signing.

The Ravens are expected to acquire an impact player with the sixth pick in the 2016 NFL Draft and could look to move their cap around so they are able to re-sign offensive lineman Kelechi Osemele. The Ravens' offensive lineman is expected to have plenty of interest on the open market, but Baltimore would like have to have him back next season.

The Ravens know the importance of protecting their franchise quarterback but likely won't be able retain Osemele this offseason unless they move some players under current contracts. Despite struggling with turnovers last season, Flacco was on pace to have career highs in both passing yards and completion percentage.

This past season was the first time in Flacco's eight-year NFL career that he had posted a losing record. Expect both Flacco and Harbaugh to look to get back to the top of the AFC North next season.