Ravens exercise Lamar's 5th-year option

The Baltimore Ravens have officially exercised the fifth-year option in quarterback Lamar Jackson's contract.

Jackson is now under contract through the 2022 season. He'll earn just over $23 million in 2022.

Earlier this week, Ravens head coach John Harbaugh guaranteed Baltimore would pick up the option. Now, the franchise will work on inking the 2019 NFL MVP to a long-term agreement.

"We understand that if we do sign a long-term deal with Lamar Jackson, that's going to change the way we've operated the last couple of years," general manager Eric DeCosta said. "We look at that as a great problem to have. We aspire to that type of problem."

The Ravens have won 10-plus games and made the playoffs in each of the three campaigns in which Jackson has been at the helm. He has a career 30-7 regular-season record and has taken Baltimore to the divisional round in 2019 and 2020.