The Ravens Have a Lamar Jackson Problem, and It's Only Getting Bigger
After a disappointing 2025 campaign, the Baltimore Ravens had one of the biggest offseasons in franchise history.
Baltimore finished 8-9 and missed the playoffs for the first time since 2021. It was a dramatic falloff from their 12-5 finish in 2024, and surprising given that they entered as one of the Super Bowl favorites.
After the season, they fired head coach John Harbaugh after 18 years with the organization, brought in 43-year-old Jesse Minter to replace him, and signed four-time Pro Bowler Trey Hendrickson to anchor the defense, all within the span of a couple of months.
Meanwhile, the Ravens also made a move on Lamar Jackson’s deal.
The team restructured his contract in March, dropping his 2026 cap hit from $74.5 million to $34.54 million by converting salary into a signing bonus, but in doing so, his 2027 cap figure surged to $84.49 million.
DeCosta acknowledged the team “ran out of time” to finalize an extension before free agency opened.
That brings us to what ESPN’s Jeremy Fowler flagged as one of the top storylines heading into minicamp season: Baltimore wants to extend Jackson, who’s set to hit free agency in 2028. And no major progress has been made.
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Ravens owner Steve Bisciotti had expressed his desire to have an extension finalized before the start of free agency in March, but that didn’t happen.
Jackson, meanwhile, has kept it predictably close to the vest. When asked about negotiations, he said, “That conversation was in 2022. It’s 2026,” declining to revisit his once-stated preference for a fully guaranteed deal.
Jackson has made his loyalty to Baltimore clear, saying publicly that he “absolutely” wants to stay, while DeCosta has expressed confidence that his quarterback loves the team, the city, and the fanbase.
Everyone says the right things. The deal just isn’t done.
However, Fowler noted how Jackson may be playing the long game strategically, reporting that some around the league believe he’s considering waiting until next offseason to maximize his value, since 2027 could reset the entire quarterback market.
Drake Maye, Caleb Williams, and Jayden Daniels all become eligible for extensions then, and if any of those young stars sign monster deals first, Jackson walks into negotiations holding even more cards.
Jackson’s market value entering 2026 sits at around $62.6 million per year, the highest figure in the NFL, according to Spotrac, and one that would shatter Dak Prescott’s current NFL-record $60 million annually.
If Jackson waited another season and the young QB market moved north, his floor rises with it.
For Baltimore, the urgency is real. Jackson’s 2027 cap hit of $84.34 million is the second-highest in the NFL, which would make it nearly impossible for the Ravens to make any meaningful offseason moves heading into that year without an extension in place.
And if the Ravens don’t agree to an extension, they’ll be on the hook for $42.47 million in dead cap in 2028, even if Jackson is no longer on the roster, a consequence of those void years created in the restructure.
The expectation is leaning toward Jackson ultimately signing a new contract next offseason, and while Baltimore would benefit from locking him up sooner, every passing minute increases the likelihood that his price tag climbs even higher.
Baltimore did everything right this offseason. New coaching staff. A dominant pass rusher. Rebuilt confidence around a fanbase that was shaken to its core in 2025. But the one signature they actually needed is still outstanding.
The clock is ticking, and Lamar Jackson is in no rush.
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This story was originally published June 1, 2026 at 8:35 PM.