This was kind of my worry a couple weeks ago, but guy has put up numbers this year. 8th in yards (3,990, or more than Joe Flacco has ever thrown for in a season), obvious 1st in comp % (69.5%), tied for 10th in yards/attempt (7.56), 13th in TD's (26, to only 11 Int), 7th in QB rating (99.2), 7th in Total QBR (67.7).
Do I think he's a legit top 10 QB right now? Probably not that high, but I'm starting to believe he could be top half of the league. Looking at some of the other guys and their cap numbers, I would be okay with him getting around ~15-16M a year for a couple of years (no crazy term yet). He'll probably end up getting more though.