Lamar Jackson surfaced at Ravens OTAs Tuesday, ending another notable offseason hiatus. Considering the Ravens are implementing a new scheme — under OC Declan Doyle — Jackson showing up for offseason work is a bit more important than it has been in recent years.
New HC Jesse Minter said he and Jackson, who has frequently missed voluntary portions of offseason workouts in the past, had held discussions on when the two-time MVP would show up. With that having taken place, Jackson noise will naturally shift back to his contract. As it stands, the Ravens are in a bind on the latter front.
The Ravens restructured Jackson’s contract in March, doing so shortly after Trey Hendrickson‘s commitment to the team. Baltimore cleared nearly $40MM in 2026 cap space but moved a substantial chunk of money onto its 2027 balance sheet. While Jackson’s 2026 cap hit dropped to $34.39MM, his 2027 number ballooned to $84.34MM. With Jackson carrying no-trade and no-tag clauses, this situation looks a lot like where the Cowboys were with Dak Prescott before his record-smashing extension.
Dallas was facing a doomsday scenario in which Prescott left as a 2025 free agent and dropped a punitive dead money sum — stemming from multiple restructures — on the team’s payroll upon doing so. With the Cowboys giving Prescott a favorable extension at the March 2021 franchise tag application deadline, the player held historic leverage and used it.
The Cowboys reached a four-year, $240MM extension with Prescott hours before their season opener in 2024. That contract remains unapproached, from an AAV standpoint, nearly two years later. Among QBs signed for more than one year (excluding rookie deals), only Deshaun Watson saw a greater percentage of his contract guaranteed; Prescott received $231MM of his $240MM guaranteed in total.
Jackson is a far more accomplished player than Prescott, having soared to two MVP awards and delivered his best statistical season — in 2024 — in a year that brought a second-place MVP finish (but a first-team All-Pro nod). The Bills took care of the player who finished first in that historic MVP race (Josh Allen) with a six-year, $330MM extension, doing so despite their franchise QB having four seasons left on his previous deal. The Ravens’ efforts to extend Jackson — a stated goal ahead of free agency — did not produce a resolution, leaving the team in a time crunch with two seasons remaining on his five-year, $260MM contract.
The Ravens made an attempt to extend Jackson in February, according to Sportsboom.com’s Jason La Canfora, but those efforts went “nowhere.” A recent PFR mailbag delved into this topic, with our Adam La Rose indicating the ideal time to extend Jackson came before free agency this year. A new deal would have reduced Jackson’s 2026 cap hit without creating that bloated $84.34MM 2027 figure. Jackson’s contract would also create a $42.47MM dead money bill for the Ravens if they do not extend him before the 2028 league year. With the no-trade and no-tag clauses in place, Jackson holds Prescott-like leverage.
Prescott had seen a 2020 ankle injury sideline him but had mostly stayed healthy between then and his September 2024 payday, though he suffered a significant hamstring injury weeks after the contract was finalized. Jackson does not have a major injury on his NFL resume but has dealt with a number of issues that have kept him off the field or limited him.
This includes last season, when a hamstring injury led to a three-game absence (and an injury reporting controversy). Jackson also missed Week 17 with a back issue, running his games-missed count (including a 2022 wild-card game) to 15 — not counting his Week 18 rest in 2023 — since the 2021 season.
It is worth wondering if the Ravens view Jackson as a sufficiently safe bet as his 30s near. The QB’s resume and negotiating leverage points him toward a deal well north of Prescott’s, and the ninth-year Baltimore passer (who remains without an agent) has been a shrewd negotiator in the past. He played out his rookie contract, breaking off 2022 negotiations, and requested a trade while on the franchise tag in 2023. The Ravens and Jackson came to a five-year, $260MM agreement in April 2023, after it became clear Baltimore would not complete a fully guaranteed contract like Cleveland did for Watson (though, three-year fully guaranteed proposals did emerge before the 2023 extension).
Entering his age-29 season, Jackson has 1,081 career rushing attempts. At the eight-season mark, that is 152 more than any other QB in NFL history. The run-game wear and tear on Jackson will factor into his second extension more than his first. For now, it should still be assumed the Ravens will hand Jackson a record-setting extension. But potential longevity concerns will be something to monitor when extension talks intensify. A new deal remains the organization’s goal.
It will be interesting to see if the new-look franchise makes an aggressive effort to have this deal done with with two years remaining on his previous contract. The Cowboys did not do that in 2023, and it proved costly. The Ravens’ upcoming effort will help illustrate how they believe their future Hall of Fame QB will age.
Too bad King Henry most likely will retire w/o a ring. Generational RB.
Ravens are fooked.