MORE: Highest-paid QBs in the NFL in 2021
When will Lamar Jackson sign his extension?
There is no hard timeline for the Ravens and Jackson to agree upon an extension. He can ink one at any point between today and when his contract expires in 2023. And if the Ravens slap him with the franchise tag, that will give them until July 15, 2023 to agree upon a long-term extension before the 2023 season.
It would behoove the Ravens to get a deal done with Jackson as soon as possible, given the ever-rising nature of the quarterback market. However, Jackson is currently focused on the season, as ESPN's Adam Schefter reports, so getting one done in-season could prove difficult, as Jackson does not have an agent.
That said, Schefter did have an interesting tidbit in his story about Jackson's contract extension.
A deal between Jackson and the Ravens could be completed during the season, but that likely will be when the former MVP has the time to focus on the negotiations, according to sources.
So, when would Jackson have time to focus on the negotiations? It would probably be during the team's bye week, which occurs in Week 8. That would mean late October is the time to watch for a potential Jackson extension.
The other time to negotiate a deal in-season would come after the Ravens' Week 10 "Thursday Night Football" matchup against the Dolphins. The Ravens would have the so-called "mini-bye", during which Jackson could finalize terms on his extension. That would be in mid-November.
That said, if Jackson chooses solely to focus on the season, an extension won't be signed until the offseason. In short, there are plenty of different times at which this deal could occur.
How much will Lamar Jackson's new contract be worth?
Jackson will almost certainly be compensated at the rate of a top-five NFL quarterback.
Below is a look at the top passers in terms of average annual value.
RankPlayerAverage annual value1Patrick Mahomes$45 million2Josh Allen$43 million3Dak Prescott$40 million4Deshaun Watson$39 milllion5Russell Wilson$35 millionT-6Aaron Rodgers$33.5 millionT-6Jared Goff$33.5 million8Kirk Cousins$33 million9Carson Wentz$32 million10Matt Ryan$30 million
Jackson will probably slot into the $40 million per year range. It's just a matter of whether he'll rank above or below Josh Allen in terms of yearly compensation.
Jackson's contract figures to be similar to Allen's either way. The duo of star AFC quarterbacks were both drafted in the 2018 NFL Draft, which featured five first-round quarterbacks, and have racked up similar achievements so far during their careers.
PlayerCompletion %Passing yardsRushing yardsTotal TDsMVPsPlayoff recordLamar Jackson647,3202,9928811-3Josh Allen61.79,9771,6069302-2
Allen was the first quarterback in his draft class to agree to an extension. His is worth $258 million over six years, and it made him the second-highest-paid quarterback in the NFL at $43 million a year.
Average annual value isn't all that matters when negotiating contracts, however. Allen broke the NFL record for total guaranteed money in his contract. His mark of $150 million is $8.5 million ahead of Patrick Mahomes' deal, which contains $141.5 million in guarantees. And Mahomes has, by far, the league's most lucrative contract worth a total of $450 million over 10 years.
So, the structure of Jackson's deal will be something to watch, but Allen's deal figures to be the blueprint that Baltimore will follow.