Lamar Jackson contract status: Ravens owner hopes to have deal done by start of free agency

Speaking to the media days after firing John Harbaugh, Baltimore Ravens owner Steve Bisciotti said he hopes to have a Lamar Jackson extension done by the start of free agency in March, with the goal of lowering Jackson's $74.5 million cap hit in 2026.

For reference, the highest cap hit in 2025 was Dak Prescott at just over $50 million.

"I want [Jackson] to be my quarterback," Bisciotti said. "... 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. And I made that clear to Lamar and I think he was very appreciative of my stance and hopefully willing to work with [Ravens GM] Eric [DeCosta] and not get this thing dragged out into April like the last time. It was very hard for [DeCosta] to build a roster when that thing is not settled."

"Like the last time" is worth noting. Jackson, who does not have an agent and represents himself in contract negotiations, has stated multiple times that he wants to stay in Baltimore. But the last time the two sides worked on a contract extension, it took three years. Jackson was eligible for an extension in 2021, after his third NFL season, but the two sides didn't come to an agreement. In 2022, Bisciotti seemed to pin the lack of negotiations on Jackson.

"Unless he has a change of heart and calls Eric and says 'I'm ready,' Eric can't keep calling him and say, 'You really need to get in here,'" Bisciotti said in March 2022. "That's not a GM's job."

In 2023, the situation reached fever pitch. The Ravens used the non-exclusive franchise tag on him, a move that allowed him to negotiate with other teams. A few days later, Jackson revealed he had requested a trade weeks prior as Baltimore wasn't "interested  in meeting [his] value."

Then in late April 2023, Jackson signed a five-year, $260 million extension with Baltimore.

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Bisciotti also said Tuesday that if the two sides couldn't agree to an extension, the team would lower Jackson's cap hit by spreading it into void years, though that's a far less desirable outcome.

"We want another window, and Lamar knows that," Bisciotti said. "I think that he's amenable to doing something that mirrors the last deal he did, although the annual number will be a little higher. But I'm hoping that it's 'Plug a new number in the same contract he signed last year' and move on."

The Ravens are coming off arguably the most disappointing season in the NFL, falling from preseason Super Bowl favorites to an 8-9 record and missing the playoffs entirely. Baltimore fired Harbaugh after 18 years and will look to reload around Jackson, 29. The two-time MVP, who missed four games due to injury, will be actively involved and have "a lot of say" in the hiring process, Bisciotti added.

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