The Ravens have been busy throughout the offseason getting ahead of future contract decisions by extending key players. While Pro Bowl left tackle Ronnie Stanley was in danger of testing the free agent market when he signed his new deal, other players the team extended this offseason — All-Pro running back Derrick Henry, wide receiver Rashod Bateman, and most recently, All Pro safety Kyle Hamilton — all had one or two years left on their contracts when they signed. Even with all they’ve done so far, the team sees work to be done, and it may begin with their MVP. 
All Pro quarterback Lamar Jackson is about to enter the third year of a five-year, $260MM contract. At one point a deal that made Jackson the highest-paid player in NFL history, the contract’s annual average value ($52MM) currently ranks 10th in the league and is beginning to be encroached upon by non-quarterbacks; Micah Parsons‘ new deal is worth $46.5MM per year, which is good for the 12th-highest such average in the NFL. It was reported in March that the Ravens were looking to put together a new deal for their star passer, and by June, talks were already underway.
According to general manager Eric DeCosta, Baltimore isn’t resting on its laurels as extension conversations with Jackson have been “ongoing.” DeCosta declined to go into detail on the situation, confirming with reporters that discussions with his quarterback would remain private.
“I like to work kind of in the dark, quietly, and try to get as much done as we can,” DeCosta told the media (via Ravens staff writer Clifton Brown). “We’ve got a lot of different things going on. We’ve got a lot of really good players; we’ve got players that deserve to be paid well, and we’re trying to keep those guys. Knowing that, as I’ve said 1,000 times, you can’t keep everybody.”
There are plenty of players for Baltimore to target with new contracts. The focus, so far, has been on players with time remaining on their current deals, but center Tyler Linderbaum, defensive tackle Travis Jones, fullback Patrick Ricard, edge rushers Kyle Van Noy and Odafe Oweh, and all three tight ends — Mark Andrews, Isaiah Likely, and Charlie Kolar — are set to play on contract years.
DeCosta is certainly correct, they can’t keep everybody, but they definitely can’t keep everybody if they allow Jackson to play on a contract that holds a $74.5MM cap hit in 2026, nearly a quarter of the team’s salary cap space for that season. We’ve already discussed in detail how an extension for Jackson may look and how the Bills may have given them the formula for success. Regardless of the details, figuring out what Jackson’s financial future looks like should factor in to how many pending free agents the Ravens can afford to try to retain.