The new contract reportedly will pay Harbaugh nearly $7 million per year through 2016, according to Pro Football Talk's Mike Florio.
Harbaugh signed an extension in February of 2011, but it was due to expire after the 2014 season.
Entering Thursday night, Harbaugh had compiled an impressive 54-26 regular-season record in five years with the Ravens, with three AFC North titles and last season's Lombardi Trophy. He has won at least one playoff game every year since taking over as a worthy successor to Brian Billick. Perhaps most impressively, Harbaugh has kept the franchise afloat as one of the NFL's most stable while steering the transition from a defense-first team to a well-rounded annual contender.
Harbaugh's new contract reportedly places him among the NFL's highest-paid coaches, along with Sean Payton of the New Orleans Saints, Bill Belichick of the New England Patriots and Andy Reid of the Kansas City Chiefs. Now that Harbaugh is mentioned in the same breath as that heady company, it's only fair that he receive a pay raise and long-term commitment from Ravens owner Steve Bisciotti.