The Baltimore Ravens have signed one of their core players to a long-term deal.

According to ESPN's Adam Schefter, the Ravens and superstar cornerback Marlon Humphrey have agreed to a five-year contract extension worth $98.75 million.

This is the second largest contract ever for a cornerback. Last year, the Los Angeles Rams handed All-Pro corner Jalen Ramsey a record five-year deal worth $105 million.

As Schefter noted, the market has been extremely kind to NFL cornerbacks here in 2020, with five players signing new contracts worth $50-plus million:

In the offseason, the Ravens picked up the fifth-year option on Humphrey's rookie deal, keeping him under contract through the 2021 season. The $98.75 million contract will kick in beginning in 2022.

With Humphrey signed, the Ravens will have their star-studded secondary in tact for several more years. After acquiring Pro Bowl corner Marcus Peters in a trade with the Rams last year, the Ravens handed him a three-year extension worth $42 million.

Drafted 16th overall by the Ravens in 2017, Humphrey has quickly grown into one of the NFL's elite cornerbacks. He earned Pro Bowl and First-Team All-Pro selections in 2019, helping Baltimore earn the NFL's best regular season record at 14-2.

RELATED: Chiefs-Ravens Monday Night Football Game Averaged 14 Million Viewers

The Baltimore defense has consistently ranked near the top in every major category dating back to Humphrey's 2017 rookie year. Last season, he set career bests in interceptions (three), fumble recoveries (two) and defensive touchdowns (two).

For his career, Humphrey has recorded 44 passes defended, eight interceptions, four forced fumbles and 150 combined tackles. He has one interception and four passes defended through the Ravens' first three games in 2020.

With Humphrey and Peters now signed long-term, general manager Eric DeCosta can next focus on an extension for reigning MVP and quarterback Lamar Jackson and star offensive tackle Ronnie Stanley. It's definitely only a matter of time until those two are signed long-term.

NEXT: Turns Out Dogs Are Very Good At Sniffing Out COVID-19