The Ravens are ready to make Lamar Jackson the highest-paid player in NFL history

The Baltimore Ravens are prepared to make Lamar Jackson the highest-paid player in NFL history, according to James Palmer of NFL on Prime.

Palmer reported Nov. 5 that the Ravens want to revisit extension talks in the offseason and are willing to top whatever number it takes. The current benchmark is Patrick Mahomes’ eight-year, $504.7 million renegotiated deal with the Kansas City Chiefs.

Jackson, 29, is on injured reserve with a thumb injury suffered on the first play of Sunday’s loss to Buffalo. He had already missed three games with a high left ankle sprain. His backup, Tyler Huntley, is also on injured reserve with a season-ending turf toe injury, leaving the Ravens to start undrafted rookie Joe Fagnano and trade for veteran Jacoby Brissett from the Arizona Cardinals.

The Ravens are 4-4 and have lost four straight. Baltimore has pushed money down the road for two years, creating an $84 million cap hit in 2027. Jackson holds a no-trade clause and a no-franchise-tag clause, and can become a free agent after the 2027 season at age 31.

When healthy, Jackson has won two MVP awards, made three first-team All-Pro selections and four Pro Bowls. No quarterback in the league combines his rushing and passing ability. The Ravens have never found a viable replacement when he is out, and they are finding out again what life without him looks like: Fagnano started Thursday night against Jacksonville, and the Ravens lost their fourth consecutive game.

What the coverage missed

The Bleacher Report item framed this as good news for Jackson, and it is. But the report also reveals how badly the Ravens have managed this situation.

They have been trying to get a long-term deal done for two years and have failed. Instead of signing Jackson when they had leverage, they restructured his contract repeatedly, pushing cap hits into the future. The $84 million cap hit in 2027 is the bill coming due. If they had signed him to an extension in 2024 or 2025, the deal would have been cheaper and the cap situation less dire.

The injury history is the part nobody wants to talk about. Jackson has missed significant time in multiple seasons. He is 29 and has taken more hits than any quarterback in the league because of his running style. The Ravens are about to offer the largest contract in NFL history to a player who may be approaching the point where his body stops holding up.

Mahomes’ deal is eight years. If the Ravens match or exceed it, they are committing to Jackson through his age-37 season. The guaranteed money will be the sticking point. Mahomes got $504.7 million but much of it is tied to roster bonuses and future years. Jackson’s camp has historically insisted on fully guaranteed money, which is what made his 2023 contract standoff so contentious.

What I think

The Ravens have no choice. They cannot let Jackson walk, they cannot trade him, and they cannot keep kicking the cap can down the road. The $84 million hit in 2027 is already unmanageable. A long-term extension is the only way out.

Jackson has all the leverage. He has a no-trade clause, a no-franchise-tag clause, and the ability to hit free agency at 31. If he plays well in 2027, he can name his price on the open market. The Ravens know this, which is why Palmer’s report leaked now: they want to set the terms before Jackson’s camp does.

The question is whether Jackson wants to stay in Baltimore. He has won two MVPs there, but the organization has never given him a top-tier receiving corps and has now let his offensive line deteriorate to the point that he is running for his life. If he tests free agency, every team with cap space and a quarterback need will bid. The Ravens will have to pay him more than anyone in history to keep him, and they will have to do it while his cap hit is already destroying their roster flexibility.

That is the deal. Pay him everything, or start over. There is no middle ground.