On my way to school this morning I stumbled across an article on National Football Post written by Joel Corry called "A Comprehensive Look At Joe Flacco's Contract". In this article he breaks down each aspect of Flacco's new eye-popping contract into much more edible serving sizes. If you want the nitty-gritty of the entire contract click on the hyperlink provided on the title, but the main part most of you are looking for is that merely $52 million is guaranteed (which consists of a $29 million dollar signing bonus).
A notable aspect of his contract that Corry looks at is that Flacco will only be making $6 million in 2013 which will allow the Ravens to negotiate with their impending free-agents with a bit of salary cap flexibility. Overall he pretty much explained that Flacco's contract isn't as exorbitant as some make it out to be, and that we won't have to refinance the entire city of Baltimore to keep a 53 man roster together. It's actually a really good read, so if you get the time you should check it out!