Baltimore Ravens have had internal discussions about a new contract for their quarterback and two-time NFL MVP Lamar Jackson, head coach John Harbaugh said Monday, according to ESPN.
Jackson signed a five-year, $260 million contract in 2023, but it was widely considered to be for three years.
There is talk of the possibility of the Ravens having a renegotiation with their quarterback before the start of next offseason, when his salary cap for 2026 rises to $74.65 million.
At the league’s annual meeting, John Harbaugh indicated that he did not know if the team had begun talks with Jackson, who has no agent and represents himself in negotiations.
“We have to manage the salary cap and Lamar is the key piece because he is the franchise player,” Harbaugh said. “Sooner or later, that will definitely have to happen.”
Lamar Jackson’s value to the Ravens
Since signing a record-breaking contract with the NFL two years ago, Jackson has established himself as one of the league’s standout players. He won his second NFL MVP in 2023 and came close to repeating the feat last season, coming very close to Buffalo Bills quarterback Josh Allen, although an asterisk on his career as a passer is that he has not been able to lead the Ravens to a Super Bowl.
When asked about Jackson’s value, Harbaugh replied:
Value is the maximum. When Lamar gets paid, he’ll be the highest-paid player in football, just like last time. I think with every contract he signs, probably until he decides to retire, he’ll be that player.
Allen currently holds the title of the NFL’s highest-paid player after signing a six-year, $330 million contract extension on March 9 with the Bills. The extension includes a record $250 million in guaranteed money.
Jackson’s current contract includes $185 million in guaranteed money and an average of $52 million per season, which ranks him ninth in the NFL.
Their salary cap this season is a manageable $43.65 million, but it rises by $31 million in 2026.
Baltimore would likely want a new deal with Jackson in the next 11 months to free up salary cap space ahead of next year’s free agency. The team needed 27 months of difficult negotiations to complete the passer’s last contract.
Lamar’s numbers
The 28-year-old is coming off the best season of his seven-year NFL career. Last season, he took his game to another level, setting career highs with 4,172 passing yards and 41 touchdown passes.
By leading the Ravens to their first offensive ranking, Jackson became the first player in league history to produce more than 4,000 passing yards and 900 rushing yards in the same season.
Jackson’s biggest obstacle has been the postseason. He has a 3-5 record in the playoffs and has never advanced to a Super Bowl. His 11 postseason turnovers are the most in the NFL since he entered the league in 2018.
“That’s what I love about Lamar Jackson: he always wants to get better,” Harbaugh said. “He’s never satisfied. He talks about winning the Super Bowl. And when he wins a Super Bowl, he’ll still be unsatisfied. He’ll get another one. That’s how he’s made.”
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