The Baltimore Ravens still have some work to do before the 2025 season kicks off in September, including getting an extension done with superstar quarterback Lamar Jackson.
Though Jackson still has three years left on the $260 million contract he signed with the Ravens in 2023, it would be wise for the Ravens to lock up the two-time league MVP on another deal sooner rather than later. Head coach John Harbaugh has already stated that an extension for Jackson is going to have to happen soon, and Harbaugh added that there have been internal discussions about it.
"There's been conversations about that internally, I know. How far along that is or whatever, I don't know," Harbaugh said during the NFL owners meetings in late March. "That's going to continue to have to be addressed, really with all those guys. You have to manage that dance, the salary-cap dance. Lamar is the main part of that because he's the franchise player. That's a possibility, I think. Sooner or later, definitely it's going to have to happen."
It's clear that Baltimore wants to sign the face of the franchise to a new deal soon. However, if the franchise decides to wait another year before giving Jackson an extension, former NFL agent and current CBS Sports contributor Joel Corry believes the 28-year-old quarterback could land a record-setting deal worth $70 million per year.
Jackson can justify $65.5 million to $67 million per year for a contract extension he signs this year. Jackson's reasonable worst-case scenario should be adjusting his $52 million per year for the 24.2% increase of the salary cap since he signed in 2023. This is approximately $64.5 million per year.
Jackson should also make it clear to the Ravens that by waiting until next year to do a deal, the growth in the salary cap from 2025 to 2026 will need to be taken into account. For example, if the 2026 salary cap is set at $302.5 million, then the deal would have to be at $70 million per year because that would reflect the 34.56% salary cap inflation from 2023.
Obviously, Jackson would be very deserving of being the first player in NFL history to receive a contract worth $70 million annually. The No.32 overall pick of the 2018 NFL Draft has established himself as one of the most electric signal-callers in league history and has the Ravens in a position to be a Super Bowl contender for the foreseeable future.
Based on Harbaugh's comments in the spring, it's hard to see Baltimore pushing back Jackson's extension another year. Either way, the Louisville product is set to cash in once again as if he signs a new contract with the Ravens in the next few months, it will likely be worth over $65 million annually, as Corry stated in his write-up.
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