Iron. let me break it to you easy. The Ravens a finished. They placed way too much equity in a mediocre Flacco. They gave away guys like Boldin, who helped win the superbowl.
You are also feeling the effects of missing one of the all-time team captains (Ray Lewis)
The smart thing to do, is to ask Flacco to restructure his deal after the season. If he is unwilling to to that, then you cut him.