Lamar Jackson's contract looks like a steal for the Baltimore Ravens amid rising QB salaries

Lamar Jackson's contract with the Baltimore Ravens keeps looking better and better.

Just over a year ago, Jackson signed a five-year, $260 million contract, with $185 million guaranteed. The $52 million annual average made him the highest-paid player in the league.

Now, heading into the 2024 NFL season, Jackson ranks just seventh in average annual value and cap hit, according to Spotrac .

In the past year, several quarterbacks have signed big news deals that have topped Jackson's.

This spring and summer alone have produced eye-popping new deals for Trevor Lawrence, Tua Tagovailoa, and Jordan Love.

Lawrence signed a five-year, $275 million contract with $200 million guaranteed. Tagovailoa signed a four-year, $212 million extension that pays him an average annual salary of $53 million. And Love just signed a four-year, $220 million extension.

The nature of the NFL is that each free agent attempts to set a new standard with their contract. Jackson did on his, and now other quarterbacks have done the same.

The difference is that Jackson is a proven quarterback with a sizable track record. Jackson is already a two-time MVP who has led the Ravens to the playoffs five times in six seasons.

Yes, there are questions about Jackson's playoff record (2-4) and there's mounting pressure on him to play better in the postseason. Those are legitimate critiques, ones Jackson and the Ravens surely want to squash. Nonetheless, Jackson and the Ravens made the AFC Championship last year and were a few plays away from the Super Bowl, despite playing a subpar game.

Jackson, warts and all, has a stronger resumé than Love, Lawrence, Tagovailoa, Jared Goff, and Justin Herbert, all of whom have larger annual values on their deals.

It only stands to get better in 2025 — Jackson's $43.6 million cap hit for 2025 currently ranks just 10th overall and ninth among quarterbacks, according to Spotrac . And that's before any other players sign new deals.

Now, it's worth noting that Jackson's cap hit skyrockets in 2026 to $74.6 million, which will lead the league. That number figures to put the Ravens in something of a financial crunch. So, it's not as if Jackson will remain a "steal" forever.

Of course, by then, he could also be a two-time MVP with a Super Bowl appearance — that's the Ravens' goal. And new quarterback deals signed between now and then could eventually trump his cap hit.

Still, as things stand now and in 2025, the Ravens have to feel good about where they stand with their franchise QB.