Lamar Jackson is looking to sign a new deal with the Baltimore Ravens. On March 11, the 2026 league year started without a contract extension.
What happened?
The Kansas City Chiefs renegotiated quarterback Patrick Mahomes' contract, adding two new years worth $239.05 million.
Why it matters for Lamar Jackson
This new deal puts the quarterback market spotlight back on Lamar Jackson's contract situation. The Ravens resorted to restructuring Jackson's contract, converting $49.95 million of his $51.25 million 2026 base salary into signing bonus.
The Ravens are reportedly still interested in extending Jackson's contract this year. Jackson represents himself and has never had an agent.
What comes next?
Lamar Jackson's contract was restructured similarly to Mahomes', creating $39.96 million of 2026 cap room. A dummy/voiding 2030 contract year was added for bonus proration purposes.
The contract restructure raised Jackson's 2027 cap number to $84.34 million. The Ravens will need to negotiate a new deal to avoid this high cap number.
Lamar Jackson spoke to reporters in late May, sharing that he isn't seeking a fully guaranteed contract like he did during negotiations in 2022.
The Ravens' general manager, Eric DeCosta, had publicly expressed optimism about a new deal during his NFL combine press conference in late February.
Baltimore Ravens owner Steve Bisciotti didn't get his wish of a Jackson contract extension by the start of the 2026 league year.
The total value of Mahomes' new deal is $504.75 million for an average of $63,093,750 per year. This makes Mahomes the NFL's highest-paid player.
There are $237 million in conventional guarantees in Mahomes' deal, with $150 million fully guaranteed at signing.
The remaining $267.75 million in the 2030 through 2033 contract years can become fully guaranteed at different points throughout the life of the contract.
Mahomes' new deal puts pressure on the Ravens to sign Lamar Jackson to a new contract. The Ravens will need to negotiate a deal that works for both the team and Jackson.
Lamar Jackson's current contract is a five-year, $260 million deal he signed in 2023.
The Ravens will need to consider the quarterback market when negotiating a new deal with Jackson.
The NFL's highest-paid players will be watching the negotiations between the Ravens and Jackson.
The outcome of these negotiations will have a significant impact on the NFL quarterback market.