We will owe Flacco $47 mil next year (dead money) if we trade him or if we let him go and he decides to sit at home and watch the Ravens on TV. "Guaranteed" money is guaranteed. Even if a player retires they are entitled to any money they were "guaranteed" in their contract. Hell, we let Eugene Monroe go in June of 2016 and next year we will still owe him $4.4 million against the salary cap. I will happily stand corrected if wrong; however, that is what I understand of the cap structure and the concept of dead money. If a player is guaranteed a set amount of money over the life of the contract, the guaranteed money (and only the guaranteed money) is payable when the contract is terminated. Flacco is guaranteed to receive $47 mil over the next 4 years...this is independent of his yearly salary.
From a salary cap perspective, yes, those amounts count against the salary cap for the team. But the player doesn't actually get "paid out" those amounts. The salary cap amount and the amount the player gets paid are two different things. For example, Joe's cap hit was $22.55M last season, yet we actually paid him $29M ($25M bonus and $4M salary). In 2017, regardless of whether he is on the roster or not, we will pay him $15M. If he's on the team, he will make $21M.
That's not really true either. The entire signing bonus is paid in full the day the player signs the contract (thus the term signing bonus) - the amount is just spread over 5 years for salary cap purposes. Joe's cap hit was $22.55 million in 2016 ($ 4 million salary, $4.75 option bonus, & $13.8 million signing bonus). He got the signing bonus when he signed the contract, so, we actually paid Flacco just $8.75 million for this past season. Next year, we pay Flacco $6 million in salary with a $4.75 million option bonus. Which means Flacco is actually getting paid $10.75 million next year in straight cash, homey. That's why the big contract number ($120 million) doesn't really mean anything - it's the guaranteed money that counts. Flacco actually got less money when he signed his extension ($51 million guaranteed on the original contract, $44 million guaranteed on the extension).