How Should Ravens Structure An Isaiah Likely Extension?

Baltimore Ravens tight end Isaiah Likely is scheduled to enter a contract year in 2025. The fourth-round selection in the 2022 NFL Draft would prefer to sign an extension this summer for long-term security. The Ravens should be interested in a new multi-year agreement.

It's worth noting that Likely isn't expected to create any distractions at Baltimore’s upcoming mandatory minicamp (June 17-19). Likely was present and a willing participant at OTAs in late May. His team-first attitude could make Ravens general manager Eric DeCosta even more willing to negotiate an extension before training camp starts.

Likely has developed into a key contributor to Todd Monken’s offense. He recorded career highs in every major receiving category last season, posting 42 receptions for 477 yards and six touchdowns. It was an appropriate follow-up to a 30-catch, 411-yard 2023 campaign.

Likely has formed an effective duo at the position alongside Mark Andrews. The 30-year-old veteran is also entering a contract year. The Ravens nearly parted ways with him earlier this offseason, but ultimately decided to let his deal play out in 2025. Andrews' inevitable departure should make DeCosta more interested in a long-term extension with Likely.

There have been occurrences at the position this week that will directly impact Likely's negotiation with the Ravens. The Minnesota Vikings signed tight end Josh Oliver to a three-year extension worth $23.25 million, with a max value of $27.5 million and $19.9 million in total guarantees. Oliver is more of a blocking tight end. Likely roughly doubled his pass-catching production last year, meaning he'll expect a more lucrative contract.

Earlier this offseason, Arizona Cardinals tight end Trey McBride signed a four-year extension worth $76 million, making him the highest-paid tight end in NFL history. McBride is coming off a 1,000-yard showing, however. A more comparable deal may be the one inked by David Njoku in 2022.

Njoku signed a four-year, $56.75 million contract extension with the Cleveland Browns after being franchise-tagged. Njoku, who averages nearly $13.7 million per year, was coming off a very similar season (36-475-4) to Likely's latest campaign at the time.  Taking a rising salary cap and annual inflation into account, Likely will expect to surpass that contract.

The Ravens could offer Likely a multi-year extension worth approximately $14.5 million per season. That figure would make Likely the fifth-highest paid tight end in the league, trailing just elites like George Kittle, McBride, Travis Kelce, and T.J. Hockenson at the position.

Pat Freiermuth and Cole Kmet signed extensions within the previous two calendar years that averaged more than $12 million per season. They've been similar weapons to Likely from a passing-game production standpoint. Likely's representation should aim slightly higher than those figures.

Lamar Jackson has grown his rapport with Likely.  The former Coastal Carolina standout is the future of the position, with Andrews on his way out. Having analyzed the tight end market, Likely has earned a new multi-year extension that approaches, but falls slightly short of $15 million per season.