Where Lamar Jackson's Contract Extension Should Rank Among NFL Leaders

It's been less than two years since Lamar Jackson agreed to a five-year, $260 million extension and put a stop on any discussion about him leaving the Baltimore Ravens. While the deal made Jackson the NFL's highest-paid player at the time, he's since been bumped down several spots and now ranks ninth leaguewide in average annual value (AAV).

Although he's already under contract through the 2027 season, the 28-year-old may eventually sign a new deal that will keep him in Charm City well into his 30s.

John Harbaugh recently revealed that the Ravens have had "internal conversations" about signing Jackson to a new extension, per Myles Simmons of Pro Football Talk. The head coach added that a deal will with the superstar quarterback will get hammered out "sooner or later."

Expect Jackson to get a significant raise whenever a new contract gets finalized.

The two-time NFL MVP has been surpassed on the AAV list by less-decorated passers such as Justin Herbert, Jared Goff and Tua Tagovailoa. He could fall out of the top 10 entirely when players like Brock Purdy and C.J. Stroud re-up. But Jackson could surpass Dak Prescott as the league's highest-paid player when he inks a new deal.

With that in mind, let's look at where Jackson should rank when he signs a new contract extension.

No. 4: Tua Tagovailoa, Miami Dolphins ($53.1M)

Kevin Sabitus/Getty Images

The Miami Dolphins finally stopped waffling and committed to Tua Tagovailoa as their long-term starting quarterback during the 2024 offseason. The QB agreed to a four-year, $212.4 million extension last July, the largest deal in the history of the Dolphins franchise.

Tagovailoa earned that extension on the heels of his best campaign as a pro. He not only stayed healthy for all 17 games for the first time in his career while leading Miami to a playoff berth, but he earned his first Pro Bowl nod by throwing for a league-leading 4,624 yards and 29 touchdowns.

However, things weren't as rosy for Tua or fans in South Beach last season, as the Dolphins went only 6-5 in the 11 games that he started. Tagovailoa missed four games early in the year with a concussion that put him on IR and was also absent for the final two weeks of the season because of a hip injury.

There's still hope that Tagovailoa can stay healthy while guiding Miami on a series of deep playoff runs, but Jackson has been far more consistent and productive throughout his career. When he signs a new extension, the Ravens star should easily surpass the $53.1 million Tua is making annually.

No. 3: (Tie): Jordan Love / Josh Allen / Trevor Lawrence / Joe Burrow ($55M)

Brooke Sutton/Getty Images

There's a four-way tie between Jordan Love, Trevor Lawrence, Joe Burrow and Josh Allen for the distinction of being the league's second-highest paid player, which is a testament to how NFL teams currently value the quarterback position.

Burrow set the table for his fellow signal-callers when he inked his five-year, $275 million extension right before the 2023 season kicked off. At the time, that deal made him the highest-paid player in league history.

Given that Burrow had already brought the Cincinnati Bengals to the Super Bowl and followed that up with a 12-4 Pro Bowl campaign, the club has already seen an immense return on investment on him. His contract could soon look like one of the NFL's biggest bargains, especially if he continues to set new career highs like he did during the 2024 season (4,918 yards and 43 touchdowns).

Burrow's deal was the framework that the Jacksonville Jaguars and Green Bay Packers used to negotiate with Lawrence and Love, respectively. While neither quarterback has accomplished nearly as much as Burrow during their first few NFL seasons, both have already guided their squads to playoff appearances and have sky-high ceilings.

The most surprising member of the $55-million-per-year club is Josh Allen. Due for an extension in wake of a career-defining season in which he earned his first NFL MVP award in addition to winning 13 games for the third time, it was somewhat shocking that the Buffalo Bills star agreed to a six-year, $330 million deal.

Allen appeared to be content with accepting a relatively affordable salary in exchange for humongous guarantees. His contract includes $250 million in guaranteed money, breaking Deshaun Watson's previous record of $230 million fully guaranteed on the albatross five-year deal he inked in 2022.

The Bills have every reason to feel confident Allen will be worth that cost. The three-time Pro Bowler hasn't missed a game since the start of his sophomore season in 2019 while leading his squad to a sterling 71-28 record and playoff berths in each of those years.

While Allen is certainly a comparable talent, Lamar Jackson should have little trouble eclipsing the $55 million mark, especially considering how the salary cap has risen significantly each offseason in recent years. Expect Jackson to earn a bit more to separate himself from this pack when he finally signs.

No. 2: Dak Prescott, Dallas Cowboys ($60M)

Cooper Neill/Getty Images

The Dallas Cowboys rewarded Dak Prescott for his service last September by doling out a record-breaking four-year, $240 million extension. The contract paid him $5 million more per season than any other player in the league and continues to be the NFL's richest deal from an AAV perspective.

Prescott cashed in on this extension in wake of earning the third Pro Bowl nod of his eight-year career. During that impressive age-30 campaign, Prescott completed a personal-best 69.5 percent of his throws for 4,516 yards and 36 touchdowns while guiding the Cowboys to a 12-5 record and third consecutive playoff trip.

Prescott's first season on the new deal didn't go as planned, however. The signal-caller not only suffered a season-ending injury in Week 9, but Dallas went just 3-5 in the eight games Prescott did start. The team's dismal campaign ended with head coach Mike McCarthy's departure and plenty of uncertainty heading into 2025.

While Prescott's starting job is safe for now, the Cowboys may eventually start considering a succession plan for a player who has been their QB1 since shortly after he was selected on Day 3 of the 2016 draft. If Prescott continues to decline and eventually gets demoted or released, his extension could be remembered as one of the biggest missteps the organization has made in recent years.

Despite Prescott's regression after signing a megadeal, the Ravens shouldn't be afraid to dish out an even larger contract to Jackson when it comes time to secure a long-term commitment from their own superstar.

No. 1: Lamar Jackson, Baltimore Ravens (Projection: $62.5M)

Kathryn Riley/Getty Images

The Ravens should make Jackson the league's highest-paid player whenever they sign him to a new extension. They should aim to get a record-setting deal in place relatively quickly, too, as the quarterback's current contract comes with a whopping $74.65 million cap hit for the 2026 season.

While Jackson is worth almost any cost, Baltimore may struggle to field a competitive roster around the dual-threat QB without reducing his cap figure via an extension. Doing so would drop Jackson's cap hit down to a much more manageable $40.56 million in 2026 and $40.52 million in 2027 before spiking back up to $78.89 million in 2028 (per OverTheCap.com).

With the Ravens considering Jackson a "partner" and "stakeholder" in the team, as general manager Eric DeCosta said at the combine last month, they should have no qualms about giving him the richest deal in NFL history.

Jackson finished 2024 having thrown for a career-high 4,172 yards and 41 touchdowns. He completed 66.7 percent of his passes and had just four interceptions while starting all 17 games during a 12-5 season. He continued to dominate on the ground despite the presence of Derrick Henry in the backfield, racking up 915 yards and four touchdowns on his 139 totes.

Although the Ravens once again flamed out early in the playoffs with a heartbreaking loss to the Buffalo Bills—Jackson is now just 3-5 across eight postseason games—they are still well-positioned to make a run annually with him under center.

Jackson may have to cede a bit of guaranteed money due to his injury history (he's missed 14 games since the start of 2019) and potential to regress as his athleticism fades, but he's poised to cash in with a record-breaking deal in the near future.