Lamar Jackson, Ravens Agree to Record-Setting 5-Year Contract Worth Reported $260M

The long and winding standoff of the 2023 NFL offseason has come to an end, as Lamar Jackson is returning to the Baltimore Ravens on a new five-year deal, the team announced on Thursday.

Ian Rapoport of NFL Network first reported the sides struck an agreement and later reported Jackson will become the NFL's highest-paid player, agreeing to a $260 million contract that tops the $255 million deal Philadelphia Eagles quarterback Jalen Hurts signed on April 17.

Jackson's contract will include $185 million guaranteed, according to Josina Anderson.

The move completes a lengthy saga for the 26-year-old and Baltimore. The Ravens placed the non-exclusive franchise tag on Jackson on March 7, which left him free to negotiate with other teams when the new league year opened on March 15. Baltimore had the choice of matching any offer sheet he signed with another team or letting him go in exchange for two first-round draft picks.

Sources told ESPN's Jamison Hensley that Jackson wanted "a fully guaranteed deal like the one given to Deshaun Watson last year by the Cleveland Browns." Jackson represented himself in contract negotiations and turned down Baltimore's extension offer last year before playing the 2022 season on the fifth-year option of his rookie deal.

The quarterback market was reset earlier this month when the Eagles signed Hurts to a five-year, $255 million contract extension with $179.4 million guaranteed, giving him the highest average annual salary in NFL history.

In late March, the NFL sent a memo to teams "notifying them that a person who is not certified by the NFLPA might be attempting to persuade team personnel to enter into contract negotiations" with Jackson, per Hensley. Jackson denied having someone negotiating on his behalf.

A few days later, he announced that he had requested to be traded from Baltimore, declaring that the team "has not been interested in meeting my value" in contract discussions.

The Ravens seemingly tried to smooth over any bad blood by signing star wide receiver Odell Beckham Jr. to a one-year deal on April 9. ESPN's Jeremy Fowler reported two weeks later that the Ravens were still "hopeful" to complete a long-term deal with Jackson, and they got their wish hours before the 2023 NFL draft kicked off.

The 2022 campaign wasn't particularly kind to Jackson, who missed the final five regular-season games and the Wild Card Round loss to the Cincinnati Bengals while dealing with a knee injury. Despite announcing that he was suffering from a Grade 2 PCL sprain, he still faced scrutiny from media personalities for missing the postseason matchup.

In his 12 appearances in 2022, Jackson threw for 2,242 yards, 17 touchdowns and seven interceptions while also rushing for 764 yards and three scores. It was his second straight year missing time toward the end of the season with an injury.

When healthy, the Louisville product is one of the most dynamic players in the NFL. The 2019 MVP has dual-threat abilities that set him apart from other quarterbacks in the league, and keeping him helps Baltimore maintain its status as a perennial contender in the AFC.

It would have taken some getting used to seeing Jackson in a different uniform, but Baltimore refused to let that happen. He will now seemingly get his wish to be paid the way he believes he deserves.