Although Lamar Jackson won’t be able to become a free agent until 2023, he is expected to receive a significant pay raise in the near future.
If nothing unexpected occurs, there is no question that the Ravens will want to maintain control of Jackson within the organization.
Because Jackson is one of the most exciting quarterbacks in the NFL, Baltimore is going to make every effort to sign him to a contract extension as soon as possible.
If the organization and player are unable to come to an agreement by the time free agency begins in 2023, they will almost probably deploy the franchise tag on him.
However, it’s likely that Baltimore would prefer to have an agreement in place before that happens. The franchise tag scenario can get a little bit complicated, so the team will definitely aim to lock up Jackson before that in order to ensure their future.
However, it might be difficult to sign Jackson. In place of an agent, the 24-year-old quarterback will be representing himself in discussions, thus in the event that the Ravens object to Jackson’s price, it is possible that an extension agreement will be delayed until a later time.
Jackson is currently playing under the terms of his rookie contract. According to Spotrac, he was selected 32nd overall in the 2018 NFL Draft, and he immediately signed a four-year contract worth around $9.5 million.
After the Ravens decided to exercise his fifth-year option, the contract was extended by one year and increased by $23 million as a result.
The entirety of Jackson’s compensation for his fifth-year option, in addition to a significant portion of his initial salary, will be guaranteed.
How Much Does Lamar Jackson Make?
Lamar Jackson earns an average of $2,367,912 per year. Jackson will make a base salary of $23,016,000 in 2022, with a cap hit of $23,016,000.