The Ravens are beginning the gamble
On Tuesday, the Baltimore Ravens placed the non-exclusive franchise tag on quarterback Lamar Jackson.
Statement from GM Eric DeCosta: pic.twitter.com/LOnW8XpPL5
— Baltimore Ravens (@Ravens) March 7, 2023
Per league sources: The #Ravens have placed the NON-EXCLUSIVE franchise tag on Lamar Jackson — at $32M @espnnfl
— Kimberley A. Martin (@ByKimberleyA) March 7, 2023
The Ravens attempted to sign Jackson to a long-term deal through the waning moments of the franchise tag deadline of 4 p.m. ET, but were unsuccessful.
The cost of the non-exclusive franchise tag for the quarterback position is $32.416 million, far cheaper than the exclusive franchise tag, currently set (but not finalized) at $45.46 million.
After this move, the Ravens sit $9.12 million over the cap (according to overthecap.com). The Ravens now have eight days to be cap compliant, meaning a few cuts or restructures will be on the way.
The non-exclusive tag means all NFL clubs can now negotiate directly with quarterback Lamar Jackson. If a team gives a formal offer to Jackson, the Ravens do have an opportunity to match the offer. If the Ravens decline to match said offer, the other team will sign Jackson and give the Ravens two first-round picks as compensation.