Lamar Jackson and the Ravens finally reached an agreement on a long-term contract extension after two fraught years of negotiations.
The Ravens announced that Jackson had been signed to a five-year extension just hours before the 2023 NFL Draft began. Baltimore didn’t disclose the full terms of the deal, but CBS Sports’ Josina Anderson was first to report that it would be worth up to $260 million.
That Jackson received such a lucrative contract extension was no surprise. The 2018 first-round pick was named league MVP after a stellar 2019 campaign and has routinely kept the Ravens in playoff contention. The 26-year-old still has yet to reach the prime of his career, so there’s reason to believe that he can continue to improve as a passer if he can remain healthy.
MORE: Full details of Lamar Jackson’s new contract with the Ravens
Naturally, Jackson’s big-time extension drew plenty of attention from NFL fans and analysts alike with many asking one major question. Just how much will he be making compared to other quarterbacks across the NFL?
Here’s what to know about Lamar Jackson’s contract extension and how it compares to the recently signed Jalen Hurts contract and Patrick Mahomes’ years-old mega-deal.
Lamar Jackson contract details
- Total value: $260 million
- AAV: $52 million
- Guaranteed money: $185 million
Jackson reportedly agreed to a five-year deal with the Ravens on Thursday after years of negotiating its terms. Jackson will make $260 million over the course of the five-year deal, which is good for an average annual value (AAV) of $52 million. That is the largest AAV in NFL history.
One of the main sticking points in Jackson’s dealings with the Ravens was how much he received in guaranteed money. The quarterback wanted a fully guaranteed contract akin to the $230 million pact Deshaun Watson inked with the Browns; Baltimore didn’t want to offer that type of compensation, so the two parties had to reach a compromise.
How did they do that? Well, the Ravens gave Jackson $185 million in guarantees, the second-highest amount of guaranteed money ever given as part of an NFL contract. So, it’s easy to see why Jackson would be pleased to agree to this contract even if he didn’t get the fully guaranteed deal he desired.
MORE: NFL’s highest-paid quarterbacks in 2023
Jalen Hurts contract details
- Total value: $255 million
- AAV: $51 million
- Guaranteed money: $179.3 million
Jackson’s contract was likely helped by the deal inked by Jalen Hurts 10 days earlier. Hurts and the Eagles agreed to a five-year pact worth $255 million that came with $179.3 million in guarantees after the quarterback helped lead the Eagles to a Super Bowl 57 appearance.
Hurts’ contract is worth exactly $5 million less than Jackson’s in total and $1 million less in AAV. So, it’s likely that the Ravens and Jackson used this deal as a framework to help determine Jackson’s total worth. The Ravens were willing to pay slightly more than what the Eagles paid Hurts, so the two parties combined to ensure that Hurts’ reign as the NFL’s highest-paid player didn’t last too long.
Hurts is coming off a 2022 season that saw him post a 14-1 regular-season record and complete 66.5 percent of his passes for 3,701 yards, 22 touchdowns and just six interceptions. He also ran for 760 yards and 13 touchdowns while establishing himself as one of the league’s best dual-threat quarterbacks.
As such, it’s easy to understand why Jackson was compensated at a similar rate to Hurts. He may not have the same postseason success that Hurts has enjoyed, but he has the same tools and an MVP-level skill set at his best.
MORE: How Jalen Hurts’ record Eagles contract impacts Joe Burrow
Patrick Mahomes contract details
- Total value: $450 million
- AAV: $45 million
- Guaranteed money: $141.5 million
Some will certainly wonder how Jackson’s contract compares to Mahomes’, and with good reason. On a yearly basis, Jackson will make about $7 million more than Mahomes. That may seem absurd on its surface, as Mahomes is the best quarterback in the NFL by any metric.
That said, Mahomes signed a monster contract with the Chiefs that is the largest in NFL history. He inked a 10-year deal with Kansas City in 2020 that was set to pay him up to $450 million. At the time, that made him the highest-paid NFL player in terms of AAV.
Mahomes likely knew that others would pass him in that category, but he traded higher guarantees and AAV for a longer-term contract. That gives him financial security in Kansas City and plenty of opportunities to rework his contract to his benefit.
So, while Jackson is making more than Mahomes on an annual basis, the Chiefs signal-caller is still the owner of the richest deal in NFL history. No other player has signed a contract worth more than Jackson’s $260 million, so it seems likely that Mahomes will remain alone atop the total value list for years to come.
MORE: NFL’s 25 highest-paid players in 2023
Highest-paid quarterbacks in 2023
All told, Lamar Jackson is now the NFL’s highest-paid player in AAV and its second-highest-paid player in total contract value and guarantees. That makes his deal one of the most player-friendly ones from across the NFL.
Here’s a look at how Jackson’s deal compares to other top quarterbacks across several categories, including Hurts, Mahomes, Deshaun Watson and more.
|1||Lamar Jackson||$52 million|
|2||Jalen Hurts||$51 million|
|3||Aaron Rodgers||$50.3 million|
|4||Russell Wilson||$48.5 million|
|5||Kyler Murray||$46.1 million|
|6||Deshaun Watson||$46 million|
|7||Patrick Mahomes||$45 million|
|8||Josh Allen||$43 million|
|T-9||Dak Prescott||$40 million|
|T-9||Daniel Jones||$40 million|
|T-9||Matthew Stafford||$40 million|
Most guaranteed money
|1||Deshaun Watson||$230 million|
|2||Lamar Jackson||$185 million|
|3||Jalen Hurts||$179.3 million|
|4||Russell Wilson||$161 million|
|5||Kyler Murray||$159.8 million|
|6||Aaron Rodgers||$150.8 million|
|7||Josh Allen||$150 million|
|8||Patrick Mahomes||$141.5 million|
|9||Matthew Stafford||$130 milllion|
|10||Dak Prescott||$126 million|
|1||Patrick Mahomes||$450 million|
|2||Lamar Jackson||$260 million|
|3||Josh Allen||$258 million|
|4||Jalen Hurts||$255 million|
|5||Russell Wilson||$242.6 million|
|6||Kyler Murray||$230.5 million|
|7||Deshaun Watson||$230 million|
|T-8||Dak Prescott||$160 million|
|T-8||Daniel Jones||$160 million|
|T-8||Matthew Stafford||$160 million|