INDIANAPOLIS – The Colts have given punter Pat McAfee the franchise tag, meaning he will be paid $2.977 million this season if he doesn’t reach a long-term contract with the team.

McAfee ranked fifth in the league in punting with a 47.9-yard average. His 40.3-yard net average was a career best.

McAfee also handles kickoffs for Indianapolis.

Under the franchise tag in 2013, a player is paid according to a formula based on salaries for the past five years at the position and their percentage of the total salary cap. With the non-exclusive tag, his team has the right to match any offer sheet, or get two first-round draft picks in return for allowing him to leave.

An exclusive tag ties him to his current team at a higher, but as-yet-undetermined price, for one season.

Flacco, Ravens agree to contract: Source

A person with knowledge of the deal told The Associated Press that Super Bowl MVP Joe Flacco has agreed on a contract with Baltimore.

Flacco played out his rookie contract last season for $6.76 million and led Baltimore to the NFL championship. He cashed in with the new deal, although terms were not available.

Around the league

The Bears placed the franchise tag on Pro Bowl defensive tackle Henry Melton for $8.45 million. … Atlanta released running back Michael Turner, defensive end John Abraham and cornerback Dunta Robinson to save $16 million in cap space. … Carolina released starting defensive tackle Ron Edwards in a move that frees up $2.5 million in salary cap space. … Arizona cleared about $3.5 million in salary cap room by releasing linebacker Stewart Bradley and cornerback William Gay. …

Buffalo used the franchise tag on safety Jairus Byrd at $6.916 million and Cincinnati put the tag on defensive end Michael Johnson at $11.175 million. … Denver placed the franchise tag on All-Pro left tackle Ryan Clady for a salary of $9.828 million.