Lamar Jackson extension deadline, explained: Ravens QB wants deal done by Week 1
The Ravens are a game into their preseason and that’s a lot closer to the first week of the season. They’re also closer to not signing quarterback Lamar Jackson for a contract extension.
Jackson told reporters on Saturday the deadline for a new deal is approaching. When asked if that meant the first week of the season, he replied, “Sure.”
“The season is upon us,” Jackson said. “We will start the season well.” Jackson has not provided any additional updates.
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Jackson finds himself in a unique situation: He is representing himself in renewal negotiations before exercising his fifth-year option. After the 2022 season, the Ravens can franchise-tag him, try to sign him for a new contract, or let him run as a free agent.
Jackson has worked at Ravens training camp, although like many starters in the league, he didn’t play in the team’s first preseason game.
Lamar Jackson franchise tag options
If the Ravens chose to franchise tag him, they would have two options: the exclusive tag or the non-exclusive tag.
The Ravens would likely use the non-exclusive tag. He could be offered a contract by another team, but Baltimore could match him and bring him back.
An exclusive tag would mean only the Ravens could sign him for the 2023 season, but it would cost the team more money. As of 2012, only four players have received exclusive franchise tags, and only Drew Brees (2012) and Kirk Cousins (2017) are the quarterbacks receiving them.
MORE: NFL franchise tags explained
Over The Cap forecasts the non-exclusive tag for 2023 at $31,497,000. That’s more than the $27,619,200 that makes up 120 percent of Jackson’s salary in 2022, so the higher number becomes the tag number. According to Pro Football Talk, the current number for the exclusive franchise tag is $45.4 million.
The highest paid NFL QBs in 2022
Whenever Jackson signs an overtime, he’ll surely be among, if not top of the list, the highest-paid quarterbacks in the league.
Jackson has an NFL MVP on his résumé and is arguably the most dynamic dual-threat quarterback the NFL has ever seen. He is the only quarterback in NFL history with multiple seasons of at least 2,000 passing yards and 1,000 rushing yards per stathead and would sign a contract when he enters his 26-year campaign.
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The most lucrative contract renewals in NFL history for quarterbacks, ranked by total contract value:
| rank | player | Age at signature | year signed | Years | contract value | Guaranteed |
|---|---|---|---|---|---|---|
| 1. | Patrick Mahomes | 24 | 2020 | 10 | 450 million dollars | $141.5 million |
| 2. | Josh Allen | 25 | 2021 | 6 | $258 million | 150 million dollars |
| 3. | Kyler Murray | 24 | 2022 | 5 | $230.5 million | 160 million dollars |
| 4. | Deshaun Watson | 26 | 2022 | 5 | $230 million | $230 million |
| 5. | Dak Prescott | 27 | 2021 | 4 | 160 million dollars | $126 million |
| 6. | Matthew Stafford | 34 | 2022 | 4 | $135 million | 130 million dollars |
| 7. | Aaron Rodgers | 38 | 2022 | 3 | $150.8 million | $150.8 million |
| 8th. | Matt Ryan | 33 | 2018 | 5 | 150 million dollars | 100 million dollars |
| 9. | Derek Carr | 31 | 2022 | 3 | $141.3 million | $65.3 million |
| 10 | Russell Wilson | 31 | 2019 | 4 | $140 million | $107 million |