Well, he led his team to the title, which is the ultimate goal, so while I think they overpaid and could have negotiated a better business deal for the team, hard for me to say he didn't deserve it. As Mutts pointed out, he played great after the OC change, so maybe the Ravens expect him to take the next step and to grow into a truly elite QB. Seems like he has been around forever, but still a young man for the position.
Plus, the focked up way the NFL allows for salary cap manipulation, sounds like it's not a global killer for the next few years and then they can restructure. At least that's how I read into it, but I admit, I take little time to understand this part of team structure.