Joe Flacco definitely deserves to be paid like an elite player. He just won the Super Bowl and had a very good season during a contract year. Also, Joe Flacco has never missed the playoffs during his career. There aren't many players that can say that. Flacco deserves to get paid.
Flacco is finally this past season as good as he's been telling everybody he is for the last five years. Before this season paying him as an elite player would have been stupid because he wasn't one, but his deep ball this past season was devastating and if Torrey Smith could catch it would have been even more so.
Joe Flacco's play reminds me of the great Al Davis quote, "just win, baby." Since he's come into the NFL, he has led his team to victory on a consistent basis, even if it's not always pretty. This year, he topped things off with his first Superbowl victory, and with a brilliant run of playoff football. Quarterbacks who win games get paid, and Flacco wins a lot of them.
Joe Flacco is not an elite player just an above average border-line elite NFL quarterback. The standards for QBs have changed. The NFL has become a passing league and there are a lot of good ones out there. Heck, you got rookies coming in and contributing significantly immediately. In my opinion there are 4 QBs that are elite and deserve elite pay (Drew Brees, Tom Brady, Peyton Manning, and Aaron Rogers). There are a slew of 2nd-tier QBs like Ben Roethlisberger, Matt Stafford, Matt Ryan, and Eli Manning that Flacco fits in but not quite elite so don't deserve elite pay.