The Ravens made no secret about their desire to work out a new Lamar Jackson extension this offseason. No agreement has been reached yet, but a mutual interest still exists for a deal to be struck.
An extension would have helped lower Jackson’s 2026 cap charge, one which was on track to spike ever since his second Ravens contract was worked out in 2023. With no new agreement being reached in time for the start of free agency in March, Baltimore proceeded with a restructure to free up immediate cap space. That has left Jackson with a scheduled 2027 cap hit of $84.34MM.
As such, an extension will need to be in place by next spring to avoid a repeat of this year’s situation. Jackson made his first appearance at OTAs yesterday, and the status of contract talks was to no surprise a key talking point. During his remarks to reporters, the two-time MVP declined to get into specifics regarding the nature of where things stand on the extension front. He did, however, reiterate his intention of remaining with the Ravens well beyond 2026.
“Absolutely. I love the Ravens. I love this organization. I love this city,” Jackson said (via ESPN’s Jamison Hensley). “This is the team that drafted me. I love Baltimore. Everyone should know that by now.”
During the long-running negotiation process last time around, Jackson sought a fully guaranteed extension. He ultimately agreed to a five-year deal including $185MM guaranteed and provisions such as no-trade and no-tag clauses. The 29-year-old operated without an agent during his first round of contract talks, and that remains the case now. Jackson was asked about the possibility of again attempting to land fully locked-in money on his next extension but replied he and the Ravens will “leave that conversation in 2022.”
Little progress was made during contract talks this winter, and Baltimore’s decision to execute a max restructure has left Jackson with considerable leverage. Ian Rapoport of NFL Network notes (video link) the three-time All-Pro could elect to play out the coming season — the first with a new coaching staff led by Jesse Minter leading the way — before re-engaging in negotiations. Multiple general managers and agents who spoke with SportsBoom’s Jason La Canfora predict Jackson will turn down any offers which are not fully guaranteed, an indication of how strong his bargaining position currently is.
Injuries were a common thread for Jackson in 2025. He said (via Hensley) the hamstring injury which led to three missed games occurred in Week 3 and lingered through much of the season. A healthier campaign would go a long way in avoiding another year spent outside the playoffs for the Ravens. It would also place him further in position to command a third contract at or near the top of the quarterback market.