Ravens fail to reach agreement on extension for Lamar Jackson

The Baltimore Ravens didn't agree to a contract extension with Lamar Jackson before the quarterback's Friday's deadline.

"Despite best efforts on both sides, we were unable to reach a contract extension with Lamar Jackson," Ravens general manager Eric DeCosta said in a statement. "We greatly appreciate how he has handled this process and we are excited about our team with Lamar leading the way. We will continue to work towards a long-term contract after the season, but for now, we are looking forward to a successful 2022 campaign. "

The 2019 NFL MVP will play out the final season of his rookie contract for $23 million. Jackson could become a free agent next offseason, but the Ravens could place the franchise tag on him, which would cost close to $45 million and prevent him from becoming a free agent.

There's been plenty of speculation regarding Jackson's status with the franchise entering the final year of his contract. The 25-year-old indicated that he wants to remain a member of the Ravens while explaining that he felt worthy of an extension.

Jackson recently said he's not concerned about the risks of playing without a new deal in place.

"It was a pretty big risk last season, the year before," he said Wednesday, according to Noah Trister of the Associated Press. "I wasn't thinking about contract negotiations around that time. This season, it's going to be the same thing."

Jackson is seeking to bounce back from a 2021 campaign that prematurely ended due to a bone bruise in his ankle. He still earned his second Pro Bowl nod after throwing for 2,882 yards and adding 767 yards on the ground for 18 total touchdowns.

The Ravens take on the New York Jets in their season opener Sunday.