Agent: First-round pick Flacco agrees to contract with Baltimore

The Baltimore Ravens and rookie first-round pick Joe Flacco agreed to a five-year contract worth up to $30 million, agent Joe Linta said Wednesday night. The deal includes $8.75 million in guaranteed money.

The signing ensures that Flacco will have a fair chance to compete for the starting quarterback job in Baltimore when the team reports to training camp next week. The rookie from the University of Delaware will battle Troy Smith and Kyle Boller in a three-way race this summer.

"The most important part of this contract is that it is done before July 21st," Linta said. "They're excited, Joe's excited, I'm excited. I don't know anybody that is not excited."

Baltimore selected Flacco with the 18th overall pick in April's NFL draft. He was a two-year starter at Delaware after transferring from the University of Pittsburgh.

James Walker covers the NFL for ESPN.com.