Humphrey's previous deal had been set to expire after the 2021 season. He's earning $2.1 million in 2020, and the Ravens picked up his 2021 option.
General manager Eric DeCosta told reporters at the NFL Scouting Combine in February that Baltimore was discussing new contracts with representatives for Humphrey and offensive tackle Ronnie Stanley, the latter of whom is due to hit free agency in 2021.
"We've also talked to Marlon Humphrey a little bit, (his agent) Joel Segal, great agent," DeCosta said, per Ravens beat writer John Eisenberg. "We want to try and keep our elite young players. We think Ronnie and Marlon and are two of those guys."
Baltimore selected Humphrey with the 16th overall pick in the 2017 draft, but the presence of Jimmy Smith partially prevented him from becoming a full-time starter until 2019. He responded by finishing the season with 65 tackles, three interceptions and three fumble recoveries, two of which he returned for touchdowns.
Humphrey was one of four Ravens defenders—including three in the secondary—to be named as a Pro Bowler. The unit allowed the sixth-fewest yards per game (207.2) and tied for the second-fewest touchdowns allowed (15).
So far this season, Humphrey has 14 tackles, four passes defended and one interception.
Heading into the 2020 season, Pro Football Focus' Ben Linsey ranked Humphrey as the 18th-best player in the NFL under the age of 25:
"The Ravens have one of the most talented secondaries in the NFL, and Humphrey has been a big part of that group. Humphrey has been a playmaker regardless of where he has lined up, notching 47 forced incompletions over the last three seasons (fourth in the NFL behind Stephon Gilmore, Darius Slay and Kyle Fuller). Don't expect that to change on a defense that should only get better in 2020."
Baltimore could've waited to hammer out an extension, as he was under team control for two years and could have been franchise-tagged for the 2022 season. However, finalizing his contract provides a few benefits to the Ravens.
For one, they might save money in the long run. The cost of a new deal is probably cheaper now than it would've been down the road, especially if Humphrey had reached the point where he could test the open market.
The franchise also has a better idea of its future salary-cap commitments with an eye toward Lamar Jackson's inevitable extension. He can become a free agent in 2023, and barring an unforeseen catastrophe, the Ravens will either have something long term done by then or kick the can down the road with the franchise tag.
Securing Humphrey's future removes what would've been a variable the Ravens had to consider when calculating the consequences of Jackson's pay raise.