On Friday — the day of Jackson’s self-imposed deadline to get a deal done — Ravens GM Eric DeCosta announced that the team was unable to reach a contract extension with the franchise quarterback.
“We greatly appreciate how he has handled this process and we are excited about our team with Lamar leading the way,” DeCosta’s statement reads. “We will continue to work towards a long-term contract after the season, but for now we are looking forward to a successful 2022 campaign.”
Jackson will now play the season on the fifth-year option of his rookie contract, which will pay him $23 million.
Many in NFL media — including ESPN’s Adam Schefter — expect Baltimore to use the franchise tag on the 25-year-old signal-caller. Per Spotrac, the exclusive franchise tag would currently pay Jackson $45.4 million in 2023.
The Louisville product has been attempting to negotiate the new deal without an agent and has been gunning for a fully guaranteed contract — the precedent of which was set this offseason when the Browns gave Deshaun Watson a fully guaranteed five-year, $230 million pact.
Jackon’s most successful 2018 NFL Draft QB classmate — Josh Allen — signed a six-year, $258 million ($43M AAV) contract with $150 million guaranteed before last season.
The Ravens kick off their season against the Jets on Sunday.
