Lamar Jackson, Ravens Reportedly Restructured Contract, Updated NFL Salary Cap

Superstar quarterback Lamar Jackson reportedly reworked his contract with the Baltimore Ravens on Tuesday before the team decided to pull out of the agreed-upon trade for Las Vegas Raiders pass-rusher Maxx Crosby.

According to Aditi Kinkhabwala of CBS Sports, the Ravens "renegotiated" Jackson's deal on Tuesday in order to create more salary cap space. Adam Schefter of ESPN later reported the move created "about $40 million" in salary cap space.

Jackson's restructure, combined with the failed Crosby trade, leaves the team with a total of $70 million in space under the salary cap, per Spotrac.

The Ravens reportedly agreed to send first-round picks in 2026 and 2027 to the Raiders for Crosby last week, but the Raiders announced Tuesday night that the Ravens "backed out" of the deal:

Per Dianna Russini of The Athletic, the Ravens killed the trade after Crosby failed his physical.

Details of Jackson's reportedly restructured deal have not yet been made public, but he had been scheduled to make a $51.25 million base salary with a cap hit of $74.5 million in 2026, per Spotrac.

Jackson is signed through 2027 after inking a five-year, $260 million extension with the Ravens in 2023, so there has been plenty of speculation recently about a new extension.

Ravens general manager Eric DeCosta told reporters last month he was "definitely" confident in getting a new deal done with his star signal-caller.

Per ESPN's Jamison Hensley, Ravens owner Steve Bisciotti expressed his desire to Jackson to get an extension done before the start of free agency in an effort to lower his cap hit.

Hensley noted that if Jackson and the Ravens could not come to terms on an extension, though, a restructure could still open up $30 million cap room.

If that is indeed what the Ravens did, they put the cap savings to good use Wednesday by agreeing to a four-year, $112 million contract with former Cincinnati Bengals pass-rusher Trey Hendrickson, according to ESPN's Adam Schefter.

Jackson, 29, has been one of the top quarterbacks in the NFL since entering the league as a first-round pick in 2018.

He is a four-time Pro Bowler, three-time First Team All-Pro and two-time NFL MVP, last winning the honor in 2023.

Jackson had arguably the best season of his career in 2024, throwing for 4,172 yards, 41 touchdowns and four interceptions, and rushing for 915 yards and four scores, but he finished second in the MVP voting to Buffalo Bills quarterback Josh Allen.

Last season was much more of a struggle for Jackson, as he missed four games due to injury and went just 6-7 in his 13 starts. As a result, the Ravens finished 8-9 and missed the playoffs.

Despite that disappointment, the Ravens are widely viewed as a team capable of bouncing back and returning to Super Bowl contention next season.