Something in excess of $120 million over six years and likely escalating to help them with the short term cap.
Personally I don't hate it because Flacco while flawed proved that his ceiling is capable of winning a championship especially with the direction the NFL is going. His skill set: tall so he can see over the pass rush, capable of throwing the deepest of deep balls as well as of forcing the tough pass that often generates pass interference penalties is perfectly suited to winning in this league. He's definitely not the best player in the NFL but he's easily in the top 20 and the dude got paid what the market demanded.
Simply put, as a Ravens fan I do not want to try to go forward and win without him because it probably doesn't happen. You need a QB to win and now they've got one for six years. The Ravens have a smart management group that makes tough cap decisions every year and every year they manage to fill the holes because they are incredibly smart and know where the market inefficiencies are.
You also have to accept that it won't be long before the Luck, RG3, Kaepernick and Wilson group are all making more than him. So he's just the guy who got hot at the perfect time and was paid accordingly.
But that's my take less than a month after seeing Flacco lead my boys to their first Super Bowl in over a decade so I'm obviously tainted. Let's hear it, naysayers.