Lamar Jackson isn't going anywhere near free agency and the Ravens still want to make that official on paper. Jackson signed a 5-year, $260 million deal back in 2023 that runs through the 2027 season, meaning he's got 2 full years left on the books. That hasn't stopped Baltimore from wanting to get ahead of it.
The report that kicked off the extension chatter, citing Albert Breer's reporting on Jackson's contract situation.
This isn't coming out of nowhere. Back in March, the Ravens restructured Jackson's deal just to create cap room for 2026, with GM Eric DeCosta admitting the two sides simply ran out of time to hammer out a full extension before free agency opened. That restructure freed up nearly $40 million for this season but also pushed his 2027 cap number up to roughly $84.5 million and added a void year out to 2030 — the kind of accounting move that buys time now but makes an extension almost inevitable later.
Locking up Jackson now instead of waiting is the smart play for Baltimore. He's a former unanimous MVP and the engine of an offense that's been to the playoffs in bunches, and letting a negotiation linger into his walk year invites exactly the kind of drama Breer has flagged as a risk — other teams sniffing around if they sense any tension between Jackson and the front office.
The real intrigue here is what kind of deal Jackson pushes for. League watchers have framed it as a choice between a shorter, higher-AAV path in the mold of Josh Allen's Buffalo extension or a longer-term, more team-friendly structure closer to what Dak Prescott signed in Dallas. Either way, expect the guaranteed money and cap gymnastics to be the story for months.
For now nothing is signed, and Jackson's $185 million in prior guarantees means the Ravens aren't under any real pressure to rush. But with DeCosta on record saying the extension is a top offseason priority, this is a negotiation worth watching all the way through the rest of the summer.