Ravens screwed themselves by waiting too long to pay Lamar Jackson

The Baltimore Ravens and quarterback Lamar Jackson have finally agreed to terms on a contract, but the team waited too long, and it cost them more money.

This offseason, there was one quarterback who’s status with their team that was uncertain. That was Lamar Jackson of the Baltimore Ravens.

He had played the final year of his rookie contract this past season, but the two sides were unable to reach an agreement early on. That set the stage for him to potentially hit free agency, where he was given the non-exclusive franchise tag by the team.

Yet, no other teams were willing to negotiate an offer sheet and potentially give up two first-round picks to acquire Jackson. That left the Ravens and Jackson seemingly at an impasse.

Until Apr. 27, 2023.

Just hours before the start of the 2023 NFL Draft, reports indicated that contract negotiations between the Ravens and Jackson were heading in the right direction. Minutes later, the Ravens and Jackson announced that they have agreed to terms on a five-year contract extension. The belief is that it will make Jackson the highest paid quarterback in NFL history.

With this, the Ravens may have cost themselves by waiting too long. Specifically, right after Jalen Hurts got his contract with the Philadelphia Eagles.

Ravens cost themselves money by waiting to sign Lamar Jackson after Jalen Hurts

The Ravens and Jackson were unable to reach an agreement on a contract extension this past September, where the team offered him a six-year contract, with $133 million guaranteed at signing and a springing guarantee of $200 million if he were on the roster on the fifth-day of the 2026 league year, per ESPN’s Adam Schefter. That is a report that Jackson denied.

Things got more tenuous, as Jackson tweeted out during the annual league meetings that he had requested a trade off the team on March 2.

One of the next young quarterbacks that was due for a new contract was Hurts, who nearly led the Eagles to a Super Bowl 57 victory. On Apr. 17, a week and a half prior to this Jackson news, the Eagles and Hurts agreed to terms on a five-year, $255 million contract extension. The deal has $179.4 million guaranteed.

Just 10 days later, Jackson has now agreed to terms on a contract that’s worth more than Hurts. Jackson’s deal is for five years and worth $260 million. As for the guarantees, that number is $185 million total.

Look, the Ravens are not going to complain about the extra few million that overtakes Hurts’ in terms of total value and guaranteed money. They got a deal done, they have Jackson secured for the next five years and don’t have to use a first-round pick this year on a quarterback. That’s a win for the Ravens and for Jackson.

Now, we wait and see what other moves await. The Ravens already signed wide receiver Odell Beckham Jr. Could another big transaction be on the horizon?