Ravens Already Planning A Gigantic New Contract For Lamar Jackson

PALM BEACH – It was only two years ago that John Harbaugh sat at an interview table at the NFL annual meeting and the first dozen or so questions he fielded were about Lamar Jackson asking the team to trade him.

Fast forward to Monday morning and the Ravens quarterback – having signed a $260 million contract weeks after that long-ago trade request, and having collected his second MVP award and a couple of All-Pro nods the last two seasons – is apparently in line for another new contract.

Benchmark Deal Coming For Lamar Jackson

And it's going to be a behemoth, per a source.

The source is Ravens coach John Harbaugh. 

"There's been conversations about that internally, I know," Harbaugh said during this NFL annual meeting. "How long that is, I don't know … But that's continually have to be addressed, really with all those guys. You have to manage that dance, the salary cap dance, and Lamar is the main part of that because he's the franchise player.

"So, that's a possibility, I think. Sooner or later it's going to have to happen."

Sooner or later is by the start of the 2026 league year next March. That's when Jackson's current contract calls for his salary cap number to hit a whopping $74.5 million. And that will come before his 2027 cap charge is, you guessed it, $74.5 million again.

And there is no way the Ravens will put themselves in a position to carry that kind of budget-busting cap charge either of those years.

So mark it down: Lamar Jackson is getting a record contract in the next 12 months. 

Sep 5, 2024; Kansas City, Missouri, USA; Baltimore Ravens head coach John Harbaugh talks with quarterback Lamar Jackson (8) during the second half against the Kansas City Chiefs at GEHA Field at Arrowhead Stadium. Mandatory Credit: Jay Biggerstaff-Imagn Images

Harbaugh Says Jackson Value Will Be At Top

Oh, and how do we know it'll be a record deal?

A Source told OutKick it would be that. And that source was John Harbaugh again.

"The value is the top," Harbaugh said. "When Lamar gets paid, he's going to be the highest paid player in football. Just like he was last time. Every contract he signs probably until he decides to hang up his cleats he's going to be that guy."

God bless Harbaugh's job security, which is so strong he doesn't have to worry about giving away internal club strategies or secrets. He even gave away Baltimore's negotiating stance which starts at … Lamar Jackson will make more money than anybody in the league.

The NFL's highest-paid player currently is Dallas Cowboys quarterback Dak Prescott, who  was the league's first and, so far, only player to make $60 million per season on an annual average basis.

Smith is the NFL's ninth highest paid player on an annual average basis at $52 million per year. 

And the way this is going to work is probably predictable. Jackson got a deal that pays him $1 million more per season than Jalen Hurts got when he signed his new deal two weeks earlier.

Mar 31, 2025; Palm Beach, FL, USA;  Baltimore Ravens head coach John Harbaugh answers questions from the media during the NFL Annual League Meeting at The Breakers. Mandatory Credit: Jim Rassol-Imagn Images

Is Lamar Jackson Worth It?

So it makes sense that the Ravens will beat the best deal in the league – be that still Prescott, or Brock Purdy or someone else – and beat that by maybe $1 million per year.

On a five-year extension that could be worth $305 million with perhaps $235 million of it guaranteed.

The big guaranteed and bonus monies could allow the Ravens lower Jackson's salary cap cost because those can be prorated over the life of the deal.

All of that, of course, leads to this question:

Is Jackson worth it?

Is he worth it based on a dispassionate analysis of his accomplishments so far?

It's a debate.

On the one hand, Jackson just pieced together a stunning 41-touchdown season with only 4 interceptions. That's great. He was an All Pro and came within votes of winning his third MVP award.

But playoff Lamar hasn't quite been that guy. His club was knocked out in the divisional round after making it to the conference championship the previous year. 

Was the early exit Jackson's fault? No, because there was the dropped pass by tight end Mark Andrews. 

And that's obviously how the Ravens see it.