Months of negotiation between the Ravens and former MVP quarterback Lamar Jackson have produced no new paperwork to this point, as the sides head into the second half of the season with no contract extension imminent, league sources said.
The Ravens have made their intentions very clear that they are committed to Jackson for the long haul, and he likewise has given every signal to the franchise that he wants to be a Raven for life, the sources said. But it remains a tricky negotiation for myriad factors, and as much as team brass would like to have cost certainty about their franchise quarterback for the foreseeable future, that is proving easier said than done. While there is a strong sentiment throughout the industry that a new pact between these sides is inevitable (whether in 2022 or later), the longer it goes the more costly it likely becomes for a team that has had cap difficulties even when Jackson was among the lowest-paid starters in the game.
Jackson, 24, is having another MVP-caliber season -- being asked to greatly expand the downfield scope of Baltimore's passing attack -- while still being relied on to be their primary rushing threat, especially in a year in which they are utilizing older, journeymen running backs after losing top options JK Dobbins and Gus Edwards to season-ending injuries in the preseason. He has been a top 10 rusher and passer most of the season, is accounting for more yards per game than he did in his 2019 MVP season and is helping to develop young receivers as well.
Sources said Jackson, who is not using a traditional agent but is being counseled by family and outside advisors like former NFL safety Abe Elam, had been seeking a deal commiserate with the extension Patrick Mahomes signed in 2020, worth roughly $45M a year, but there are elements of that structure, including a 10-year term, that are not a great fit. And if Jackson were to end up winning more hardware this season -- at a time when Mahomes is having his worst season and fellow 2018 draft pick Josh Allen has struggled to duplicate his 2020 production -- then some agents and rival executives believe the Ravens will have no choice but to exceed that compensation.
"They have to pay him," said one GM. "They know that. He has to know that."
The Ravens, sources said, realize that Jackson is a $40M-a-year quarterback, but agreeing on all conditions is tricky, and Jackson has been very patient throughout the process and willing to continue to play out his rookie contract. He is currently set to make $23M in cash, and count $23M against the cap in 2022, on the fifth-year option to close out his initial contract. Although Baltimore's cap situation next year is not nearly as dire as it has been in recent years, that cap figure is not ideal, and the specter of getting into a situation involving the franchise tag is something almost every franchise tries to avoid with a quarterback.
With the cap set to go up in 2022, Jackson evolving as a deep-ball passer, and new revenue streams from gambling and new broadcast deals filling team's coffers like never before, the price for Jackson -- and any elite quarterback -- is only going to continue rising. The Bills signed Allen, the other quarterback from the 2018 draft class to play at a superior level, to a deal worth $43M a year before the season; at this point that looks like the floor for a new Jackson contract.
Jackson continues to break records, albeit in an often non-traditional manner, and remains as integral to his team's success as anyone in the NFL. Quantifying that in a financial sense has proven to be tricky, as a process that began early in the offseason now lingers into the holiday season. Whenever an agreement is reached, at this point one would anticipate Jackson breaking some financial benchmarks as well.
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No deal imminent between Lamar Jackson, Ravens as Baltimore prepares for biggest contract in franchise history - CBSSports.com
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