UPDATE 2:20 PM:  The Ravens announced on Twitter that it’s a done deal.  Jim Caldwell is the team’s new quarterbacks coach.

Think of it as a trade.

The Ravens give the Colts their best coach, defensive coordinator Chuck Pagano, and return they get Indy’s Jim Caldwell, who was fired after a 2-14 season.  Awesome.

7:00 AM: ESPN’s Adam Schefter is reporting (in a suit from a library) that Caldwell met with the Steelers over the weekend and he “plans to join” the Ravens offensive staff.  “Likely as a QB coach,” Schefter tweets.

Could this be the Ravens first step in luring Peyton Manning?

Haha. No.  But that’s a fun topic to discuss during a long offseason.