FEBRUARY 12: In a live discussion of the below report, Rapoport suggests there is a very real possibility that the Ravens deploy the non-exclusive tag and allow another club to do their negotiating for them before ultimately matching an offer sheet (video link). Obviously, such a maneuver would create the risk of another team offering Jackson the fully-guaranteed deal he has been seeking but that Baltimore has been unwilling to authorize.
FEBRURARY 11: Much uncertainty still surrounds Lamar Jackson and the Ravens as the window for using franchise tags approaches. More specifically, the question of whether or not the former MVP remains in Baltimore for 2023 has yet to be answered, and little clarity currently exists. 
In the latest breakdown of the situation, Tom Pelissero, Ian Rapoport and Mike Garafolo of NFL Network note that a franchise tag is still a certainty in the (likely) absence of a multi-year extension being agreed upon. They add, however, that there still exists a “possibility” that the Ravens end up trading Jackson for what would amount to a “windfall of draft picks.”
Jackson, 26, played out this past season on the fifth-year option of his rookie contract. Its $23MM value will be comfortably exceeded regardless of which franchise tag the Ravens choose to use. The non-exclusive one ($32.4MM) would leave Jackson the option of negotiating with another team and signing an offer sheet. In the event Baltimore declined to match it, they would receive two first-round picks as compensation.
On the other hand, the exclusive tag would eliminate the threat of an offer sheet. It would also carry a much larger burden on the Ravens’ books, with a projected value of over $45MM. It was reported recently that Baltimore was leaning towards the exclusive tag; the team must finalize a long-term contract in the very near future for a tag not come into play during the Feb 21-March 7 window.
Jackson’s likeliest location for the 2023 campaign remains Baltimore, even in the absence of a new deal, the NFL Network trio add. Still, the Louisville product would draw plenty of trade (or offer sheet) interest from any number of teams if they felt he would be available. A report from last month indicated just that, though the Ravens have been very public in their support of the former Heisman winner and their intention of retaining him for at least the short-term future.
On another note, the NFLN report adds that Jackson has yet to communicate with any of Baltimore’s offensive coordinator candidates. In the wake of Greg Roman‘s departure, the team indicated Jackson would have a say in the selection process, so that update speaks to how much longer Baltimore’s search could still take until after the Super Bowl. Regardless of the developments on that front, speculation will no doubt continue regarding Jackson’s future.