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Ravens Insider: Ravens have had ‘internal conversations’ about Lamar Jackson contract extension


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PALM BEACH, Fla. — When quarterback Lamar Jackson signed a five-year, $260 million contract extension with the Ravens in 2023, it immediately made him the highest-paid player in the NFL. But things move quickly in the league, particularly when it comes to the game’s most important position.

Despite Jackson having twice been named NFL Most Valuable Player and becoming the first player to pass for at least 4,000 yards and run for at least 900 in the same year, as he did last season, there are now eight other quarterbacks averaging more per year than Jackson’s $52 million per season.

That’s just one of many reasons the Ravens have already had “internal discussions,” coach John Harbaugh said Monday at the league’s annual owners meeting, about extending the quarterback’s contract.

“How far along that is, I don’t know,” Harbaugh said.

And what might the value of a new contract for the star quarterback be?

“The value is the top,” the longtime coach said. “When Lamar gets paid, he’s going be the highest paid player in football, just like he was last time. I think every contract he signs, probably until he decides to hang up his cleats, he’s going to be that guy.”

An extension would be beneficial to both Jackson, who does not have an agent, and the Ravens. His current deal runs through the 2027 season and is slated to count more than $74.65 million against the team’s 2026 salary cap.

At such a high number, it could also be cost-prohibitive for Baltimore, which has other key players on the team due for extensions.

“You’ve just got to manage the salary cap dance, and Lamar is the main part of that because he’s the franchise player,” Harbaugh said. “Sooner or later, that’s definitely going to have to happen.”

Since signing his last contract, Jackson has elevated his game and further entrenched himself as perhaps the game’s best player.

In 2023, he led the Ravens to the NFL’s best record (13-4) and the brink of his first Super Bowl before Baltimore fell to the Kansas City Chiefs, 17-10, in the AFC championship game at M&T Bank Stadium. Last season, he was even better, with career highs in passing yards (4,172) and touchdown passes (41) while also leading all quarterbacks in rushing yards (915) and adding four more rushing touchdowns.

He nearly won a third NFL MVP, too, narrowly losing out to Buffalo Bills quarterback Josh Allen.

Earlier this month, Allen agreed to a six-year, $330 million extension with the Bills that will keep the 28-year-old in Buffalo through the 2030 season. It makes him the league’s highest-paid player for the moment and includes a reported $250 million guaranteed.

Jackson’s current deal includes $185 million in guaranteed money, and while his cap number for this season is $43.65 million, it will balloon significantly each of the next two seasons. That creates urgency to get a new deal in the next year to free up salary cap space before free agency next offseason.

Not that it will necessarily be easy. Jackson’s last deal took more than two years of arduous negotiation that included a public trade request by Jackson during the 2023 league meeting in Phoenix.

But the quarterback’s impact on the organization extends beyond what he does on the field, with general manager Eric DeCosta at last month’s scouting combine referring to him as a “stakeholder” and “partner.” DeCosta also said he could visit Jackson, who lives about 45 minutes south of where this year’s meetings are taking place.

On Sunday, Ravens president Sashi Brown didn’t comment on the status of a possible extension for Jackson, deferring instead to DeCosta, but did say, “We love Lamar. We love to see his evolution as a young man and as a football player and team leader.”

The knock against Jackson, of course, has been his play in the postseason.

The Ravens are just 3-5 in the playoffs with Jackson at the helm and have yet to reach a Super Bowl since drafting him at the end of the first round in 2018. His 11 turnovers in the postseason — which included two in Baltimore’s loss to the Bills in last season’s divisional round — are the most of any player in the league during that span.

Have a news tip? Contact Brian Wacker at bwacker@baltsun.com, 410-332-6200 and x.com/brianwacker1.

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