The Baltimore Ravens are in the "introductory stages" of discussions about a contract extension for franchise quarterback Lamar Jackson, according to various reports. The news arrived shortly after an extension was announced for wide receiver Rashod Bateman. Jackson will further reset the QB market.
Jackson signed a five-year deal worth $260 million with the team in 2023, but both sides have reason to be interested in reworking that contract before its expiration, despite it being signed through 2027. Jackson will be displeased that his $52 million per year average has fallen to 10th among the league’s quarterbacks in average annual salary due to other extensions. Furthermore, his cap number is scheduled to increase to more than $74 million in 2026, which is totally unmanageable for general manager Eric DeCosta.
GM DeCosta on Lamar Jackson's contract, via @thebmoreballpod:
— Underdog NFL (@UnderdogNFL) June 5, 2025
"We've had some conversations before the draft, after the draft in person last week. I think we're in the introductory stage of looking at what an extension might look like."
Jackson's contract situation offers a snapshot of how quickly the quarterback market progresses. The former Louisville standout's current extension made him the highest-paid player in NFL history at the time of its signing. Fast-forward approximately two calendar years, and Jackson is hardly a top-10-paid quarterback.
Not a single team attempted to sign him to an offer sheet after the Ravens placed the non-exclusive franchise tag on him in 2023, but he captured his second MVP. In 2024, Jackson arguably returned with a career-best campaign, becoming the first player in NFL history to lead the league in both passing yards per attempt (8.8) and yards per carry (6.6).
The Ravens have been taking care of their stars this offseason. Prior to the Bateman deal, Derrick Henry also signed a contract extension that secured his future and increased his salary. They'll do the same with Jackson shortly.
Brock Purdy signed an extension this offseason worth $53 million per season. Jordan Love, Tua Tagovailoa, and Jared Goff are some of the other quarterbacks who now earn more than Jackson annually. None of those signal-callers have reached Jackson's heights, proving a reworked contract is a necessity.
Dak Prescott is currently the league's lone $60 million per year quarterback. Jackson should shatter that record-setting contract. Negotiations start there.
Jackson could sign an extension in the neighborhood of a five-year, $325 million agreement. That would pay Jackson a record-setting $65 million per season. It should also exceed Josh Allen's top-of-the-QB-market $250 million in total guarantees.
The Ravens went 12-5 in 2024 and were defeated by the Buffalo Bills in the divisional round. With Jackson at quarterback, they're currently one of three AFC teams, alongside the Bills and Kansas City Chiefs, that possess a realistic chance to represent the conference in the Super Bowl every campaign, though they’ve yet to achieve that goal. Jackson provides the Ravens with a fighting chance on an annual basis.
Jackson has established himself as one of the few elite quarterbacks in the NFL. His contract is outdated and no longer reflects that. The Ravens also possess a financial incentive to rework his deal and lower his scheduled cap charges. Expect Jackson to sign an extension that surpasses $60 million per year sooner rather than later.
