Back in March, Ravens head coach John Harbaugh confirmed that internal discussions had begun regarding a potential contract extension for quarterback Lamar Jackson. The two-time MVP has also been directly involved in early conversations about what a new deal could look like.
“We’ve had some conversations before the draft, after the draft, and even in person last week,” said general manager Eric DeCosta during a recent appearance on the BMore Baseball Podcast. “We’re really in the early stages of exploring what an extension might entail.”
Jackson still has three years remaining on the five-year, $260 million deal he signed, which includes $185 million in guaranteed money. He’s set to earn a guaranteed $21 million base salary this season, with an additional $29 million for 2026 having vested in March. While there’s no immediate pressure to renegotiate, both sides could opt to wait until next offseason to finalize a new contract, which would also allow the front office more flexibility in managing the rising cap hit.
If and when a third deal comes together, it could once again shake up the quarterback market. While Dak Prescott now leads the league in annual salary at $60 million, Patrick Mahomes holds the record for total value at $450 million, and Josh Allen leads in guaranteed money with $250 million. Jackson may not surpass all of those marks, but he’s expected to land a significant—and possibly record-breaking—increase from his current $52 million AAV. His strong 2024 campaign, where he threw a career-best 41 touchdown passes and rushed for over 900 yards, only strengthens his case after finishing second in MVP voting.