Joe Flacco may be paid like one of the NFL's best, but you certainly don't want to draft him like one of the NFL's best in your fantasy league. Flacco is terribly inconsistent, and his already small group of weapons got even smaller this season. Flacco can be a decent QB2, and will definitely have some big games, but having him as your QB1 would be suicide many weeks.
Ray Rice is the complete opposite of Joe Flacco in terms of consistency. Rice isn't going to lead your league in scoring for the year, but he will give you a solid game week in and week out. With Flacco's group of weapons even smaller this year, Rice will continue to run the ball a lot and may get even more passes out of the backfield this season. He's a solid first round pick in any fantasy league. Don't forget completely about Bernard Pierce either. He gets his share of carries and would be an immediate RB1 if Rice ever came down with an injury.