Lamar Jackson Given $32.4M Non-Exclusive Franchise Tag by Ravens Ahead of Deadline

While the Baltimore Ravens and Lamar Jackson continue to discuss a long-term contract extension, the team has placed the non-exclusive franchise tag on the 26-year-old.

The non-exclusive tag carries a $32.41 million price tag and allows Jackson to negotiate with other teams in free agency, as ESPN's Adam Schefter pointed out:

This will mark the second consecutive offseason in which the Louisville product and the Ravens try to hash out a multiyear deal. This time around, though, Jackson can field offers from other teams.

Jackson, who acts as his own agent with a small group of representatives around him, told reporters last August that he set a Week 1 deadline to get an extension done with the Ravens last season.

The two sides did not reach a deal, so the 2019 NFL MVP played on the fifth-year option of his rookie deal. He earned $23.016 million last season.

Per Schefter and ESPN's Chris Mortensen, Jackson turned down Baltimore's offer of a five-year deal worth more than $250 million, with $133 million guaranteed at signing.

The report noted he was seeking a fully guaranteed contract similar to the one Deshaun Watson signed with the Cleveland Browns (five years, $230 million).

Despite not getting their franchise quarterback signed prior to the franchise-tag deadline, the Ravens still have the opportunity to negotiate with Jackson. They also have the option to match an offer sheet from another team, or they can allow him to sign with another team and receive two first-round picks in return.

The signal-caller has established his credentials as one of the best players in the NFL, regardless of position. He has made the Pro Bowl twice and been close to a one-man offense for most of his time in the league.

The Ravens have a 45-16 record in games started by Jackson since 2018. He has averaged 2,442 passing yards, 20.2 passing touchdowns, 887.4 rushing yards and 4.8 rushing touchdowns per season since the Ravens selected him with the 32nd overall pick in the 2018 draft.