Ravens Discussing Lamar Jackson Extension, Eyeing Second Derrick Henry Contract

Lamar Jackson‘s 2023 Ravens extension helped set the market at the time, and as less accomplished quarterbacks have surpassed him in terms of average annual value, it has not been difficult to see the leverage even capable QB1s possess presently. Much more than merely a capable starter, Jackson has three seasons remaining on the deal he signed in April 2023.

That contract took the Ravens and Jackson more than two years to finalize, but it helped a few inferior quarterbacks receive higher AAVs. Jackson exited the 2024 season as the NFL’s ninth-highest-paid QB, and the Ravens saw the Bills take care of Josh Allen despite the reigning MVP’s previous deal running well into the late 2020s. It appears Baltimore is fine following suit.

Teams rarely add years to a player’s deal when three are remaining on it, but Jackson is certainly one of the NFL’s top players. It appears the Ravens are ready to update his contract, as head coach John Harbaugh confirmed internal conversations about a new deal have taken place this offseason (video link). Jackson, 28, still has guaranteed money remaining on his extension. Those guarantees stretch into 2026, but being proactive would benefit the Ravens.

As things stand, Jackson is due to carry a cap charge of $43.5MM next season, keeping in line with the incremental jumps it has seen since his deal was signed. For the 2026 and ’27 campaigns, however, he is scheduled to count for $74.5MM on the Ravens’ cap sheet. Lowering those totals – while, in all likelihood, creating immediate breathing room as well – could be achieved via another extension. Harbaugh did not provide specifics on a timeline, but added a deal will likely get done at some point this offseason.

Extension candidates on Baltimore’s roster include former first-rounders Odafe Oweh, Kyle Hamilton and Tyler Linderbaum. Oweh’s 2025 fifth-year option was picked up last year, and it would come as no surprise if the team took the same route with Hamilton and Linderbaum. Extensions with one or more members of that tandem could very well be in store, and ascending tight end Isaiah Likely is also entering the final year of his rookie contract. Working out a third Jackson accord would help create cost certainty over the short-term future as Ravens aim to keep as many members of their young core in place as possible.

Harbaugh also said on Monday (via The Athletic’s Jeff Zrebiec) he would welcome a Derrick Henry extension. The All-Pro running back joined Baltimore on a two-year deal last offseason, and his debut campaign produced 2,114 scrimmage yards (the second-highest figure of his career) and 18 total touchdowns (which matched his personal high). An extension was raised as a possibility in the wake of the team’s divisional round loss, and Henry has since publicly stated his desire to finish his career in Baltimore.

The 31-year-old has already been paid out a $1MM roster bonus, and he is due a $6MM base salary for 2025. Henry’s scheduled cap charge of just under $12.9MM is more than double what it was last year, and it could be lowered by an extension. Baltimore entered Monday with nearly $12MM in cap space, but the team’s financial breathing space could increase in the relatively near future if new agreements on the Jackson and/or Henry fronts were to be reached.

Adam La Rose contributed to this post.