Objectively speaking, no. He's not as good as the highest level of QB in the NFL. He's not at the same skill level as Brees, Rodgers, Brady, and a few others. Those guys are consistently excellent. Other QBs, like Eli Manning, aren't very consistent but they've shown flashes of brilliance that make them very dangerous and nearly unstoppable at times.
However, the NFL is subjective. If you have a particular QB on your team and your team wins big with that guy, then you need to keep him and you need to pay him. Flacco is often good but rarely brilliant. He's more inconsistent than you'd like but he now has a history of playing well when it counts. In the sense that the Ravens won the Super Bowl with Flacco under center, yes, he probably deserves "elite" money.
Right now, though, he still has things to prove as a player. One of the most memorable quotes I've ever heard was about the difference between a "good player having a great year" and a "great player having a good year"--to be considered great, you have to perform at a high level over a long period of time and Flacco really hasn't done that yet.
