Lamar Jackson extension deadline, explained: Ravens QB wants deal done by Week 1

The Ravens are one game into their preseason, and thus that much closer to the first week of the season. They're also closer to not getting quarterback Lamar Jackson signed to a contract extension.

Jackson told reporters Saturday the deadline for a new deal was "coming up." When asked whether that meant the first week of the season, he responded: "For sure."

"The season's coming up," Jackson said. "We're going to be good for the season." Jackson did not provide additional updates.

MORE: QB RankingsRB Rankings | WR Rankings | Buy NFL tickets

Jackson is in a unique situation: He's representing himself in extension negotiations ahead of playing on his fifth-year option. After the 2022 season, the Ravens can place a franchise tag on him, try to sign him to a new contract or let him walk as a free agent.

Jackson has been working at Ravens training camp, though like many starters across the league, he did not play in the team's first preseason game.

Lamar Jackson franchise tag options

If the Ravens opt to place a franchise tag on him, they would have two options: the exclusive tag or the non-exclusive tag.

The Ravens would likely use the non-exclusive tag. He could be offered a contract by another team but Baltimore could match it and bring him back.

An exclusive tag would mean that only the Ravens could sign him for the 2023 season, but it would cost the team more money. Dating to 2012, only four players have received exclusive franchise tags, and only Drew Brees (2012) and Kirk Cousins (2017) are the quarterbacks to receive them.

MORE: NFL franchise tags explained

Over The Cap projects the non-exclusive tag for 2023 to be $31,497,000. That is more than the $27,619,200 that represents 120 percent of Jackson's 2022 salary, so the higher number becomes the tag figure. According to Pro Football Talk, the current number for the exclusive franchise tag would be $45.4 million.

Highest-paid NFL QBs in 2022

Whenever Jackson winds up signing an extension, he certainly will be among the highest-paid quarterbacks in the league, if not topping the list altogether.

Jackson has an NFL MVP on his resume and is arguably the most dynamic dual-threat quarterback the NFL has ever seen. He is the only quarterback in NFL history with multiple seasons of at least 2,000 passing yards and 1,000 rushing yards, per Stathead, and would be signing a deal entering his Age 26 campaign.

MORE: Justin Tucker becomes highest-paid kicker in NFL history

The most lucrative contract extensions in NFL history for quarterbacks, sorted by total contract value:

RankPlayerAge when signedYear signedYearsContract valueGuaranteed
1.Patrick Mahomes24202010$450 million$141.5 million
2.Josh Allen2520216$258 million$150 million
3.Kyler Murray2420225$230.5 million$160 million
4.Deshaun Watson2620225$230 million$230 million
5.Dak Prescott2720214$160 million$126 million
6.Matthew Stafford3420224$135 million$130 million
7.Aaron Rodgers3820223$150.8 million$150.8 million
8.Matt Ryan3320185$150 million$100 million
9.Derek Carr3120223$141.3 million$65.3 million
10.Russell Wilson3120194$140 million$107 million
Edward Sutelan is a content producer at The Sporting News.