Lamar Jackson Rumors: 'No Contract Extension Imminent' Between Ravens, Former MVP QB

The Baltimore Ravens continue to work toward a new contract for quarterback Lamar Jackson, but Jason La Canfora of CBS Sports reports there is "no contract extension imminent."

The Ravens exercised the fifth-year option on Jackson that will pay him $23 million in 2022, per Spotrac, but even that would only rank 12th among quarterbacks in cap hit. His 2021 cap hit ranks just 38th at the position.

According to La Canfora, the Ravens "realize that Jackson is a $40M-a-year quarterback," but they will need to work out the specifics of a deal that is suitable for them.

Jackson has certainly earned a large new contract based on his on-field play. The 24-year-old has already won an MVP Award and is a top contender for the honor again this season. Through nine games, the quarterback ranks ninth in the NFL with 2,447 passing yards and seventh with 639 rushing yards.

The Ravens have also gone 36-10 in regular-season games started by Jackson over the past four years.

"They have to pay him," a general manager told La Canfora. "They know that. He has to know that."

Jackson does not have a traditional agent, which could complicate the situation as the two sides work to finalize a deal.  Negotiations took a back seat once the season began, as ESPN's Adam Schefter reported in September. 

Baltimore could also use the franchise tag to keep Jackson beyond 2022, similar to what the Dallas Cowboys did with Dak Prescott before agreeing to an extension this past offseason. 

It could give both sides more leeway as they work toward a long-term deal.