Baltimore Ravens quarterback Lamar Jackson turned down a $250 million contract extension with $133 million guaranteed before the two sides gave up on attempting to reach an agreement on a long-term extension before the start of the 2022 season last week, ESPN’s Chris Mortensen and Adam Schefter reported on Sunday.
The extension would have run through the 2027 season and increased the value of his contract to almost $275 million over six years. Jackson is due $23 million under his fifth-year option for the 2022 season, after which he will become a free agent.
The Ravens have indicated they will place the franchise tag on Jackson if they can’t reach a deal for the 2023 season.
The deal would have been for overall more money, but less guaranteed money that the Cleveland Browns signed Deshaun Watson to earlier this season. Watson earned $230 million, fully guaranteed. The guaranteed money offered to Jackson was $133 million, less then Watson but more than given to fellow quarterbacks Russell Wilson and Kyler Murray this offseason.
Jackson does not have an agent and has been negotiating on his own behalf. The team and its star quarterback expect to re-start negotiations after the start of the season. The franchise tag window opens on Feb. 21 and closes on March 7. Free agency begins March 15. A tagged player can continue to negotiate a contract extension through July 15.
The 2023 franchise tag amount for a quarterback is projected to be $31.5 million, according to Over the Cap. That contract would be fully guaranteed, per the NFL CBA.