The aftermath of the failed Maxx Crosby trade became the overwhelming storyline involving the Ravens this week. Another important wrinkle merits much more attention.
During his Wednesday press conference, G.M. Eric DeCosta addressed the team’s decision to exercise the right to restructure quarterback Lamar Jackson’s existing contract. It happened because, as DeCosta said, the two sides “kind of ran out of time” in their discussions on an extension.
On the surface, it’s no surprise. The last time the Ravens and Jackson were trying to do a new deal, it took far too long to get it done. The hidden (by both the NFL and the NFL Players Association) collusion grievance ruling that came to light in June 2025 included fresh details about the negotiations that finally resulted in a new deal in 2023. During the grievance hearing, DeCosta testified that direct negotiations with Jackson (who does not have an agent) were complicated by a claim from Jackson that the microphone on his phone was broken.
That specific example speaks to the chronic communications issues arising from Jackson not having an NFLPA-certified agent who can serve as the buffer between player and team. Given the team’s desire to get a new deal done before the start of free agency, it’s fair to wonder whether the communications problems continue to bog down the ability to make progress.
An extension for the franchise quarterback was clearly a priority for the franchise. Said DeCosta in January, at the press conference following the firing of coach John Harbaugh: “We do have a nice little nest egg; it’s not as much as we’d like. A deal with Lamar would give us the ability to be more active to re-sign, probably more players on the team, and potentially go after a couple big-ticket items.”
In the same press conference, owner Steve Bisciotti echoed the importance of extending Jackson’s contract. “The urgency of that matters to me because we’ve got free agents, and I don’t want to go into free agency with that hanging over our head,” Bisciotti said. “I made that clear to Lamar, and I think he was very appreciative of my stance, and hopefully, willing to work with Eric and not get this thing dragged out into April like it was the last time.”
DeCosta reiterated this week that he won’t talk publicly about his negotiation with Jackson. There’s no way of knowing why the deal didn’t get done. But it’s clear the Ravens wanted to do it.
It should be easy. Bisciotti acknowledged that in January. “I think [Jackson] is amenable to doing something that mirrors the last deal that he did, although the annual number will be a little higher,” Bisciotti said. “But I’m hoping that it’s ‘plug in your number’ in the same contract he signed [in 2023] and move on.”
Jackson’s current deal has an annual average of $52.5 million. At the time he signed it, he was the highest-paid player in the league. He has since won another MVP award, finished second for what would have been his third MVP and has slipped all the way to No. 10 on the quarterback APY list.
The top of the market (if we suspend disbelief — as everyone has — and ignore the astronomical new-money APY of Josh Allen’s replacement contract from 2025) belongs to Cowboys quarterback Dak Prescott, at $60 million. As we hear it, Jackson hopes to get to $62 million per year.
Bisciotti’s instincts are correct. It’s just a matter of plugging a new number into the existing deal. Jackson’s contract over the next two years pays out a base amount of $104 million. A three-year, $186 million extension would result in a five-year, $290 million deal. The new-money average would be $62 million. The total average from signing would be $58 million.
The deeper issue would be the guarantees. How many years would be fully guaranteed at signing? Two? Three? At one point, Jackson wanted a Deshaun Watson-style fully-guaranteed contract the last time around. Does he want one this time around?
With the preferred window for a new deal slammed shut — and with players like Isaiah Likely, Tyler Linderbaum, and Patrick Ricard gone for new teams — the Ravens’ urgency may seem to be diminished. But here’s the reality. With Jackson representing himself, he’ll eventually return his focus to football. The can may get kicked to 2027. And if a new deal isn’t done before the start of the next league year, the final countdown toward Jackson’s first shot at unrestricted free agency will begin. (He has a no-tag clause in his current deal.)
“Certainly hopeful that we’ll get an extension done,” DeCosta said Wednesday regarding Jackson. “I think it’s important to both parties. But we remain to see what’s gonna take place in the future.”
He’s right about that. There are two outcomes for the Ravens: They get a new deal done with Jackson, or he makes $104 million ($102.5 million if he doesn’t show up for enough of the offseason program in 2026 and 2027) or he hits the open market in less than 24 months.