Ravens Exercise Fifth-Year Option on Quarterback Lamar Jackson

OWINGS MILLS, Md. — The Ravens officially pick up the fifth-year option for quarterback Lamar Jackson three days prior to the May 3rd deadline, which will cost the team $23.02 million.

We have exercised the fifth-year option for QB Lamar Jackson.

📰: https://t.co/vxN9yJEMhO pic.twitter.com/0hrIxZZNlw
— Baltimore Ravens (@Ravens) April 30, 2021

The league released those numbers after the 2021 salary cap was set at $182.5 million, an 8% decrease from last year.

The fifth-year options have a tiered system under the new collective bargaining agreement with the following breakdown for quarterbacks:

Tier 1. Players with two or more Pro Bowls: $25.1 million

Tier 2. Players with one Pro Bowl: $23.02 million

Tier 3. Players who achieve playtime criterion with no Pro Bowls: $18.9 million

Tier 4. Players who do not achieve playtime criterion: $16.5 million

Both Jackson and Buffalo Bills quarterback John Allen have each made a Pro Bowl and fall under Tier 2. Another notable quarterback from the 2018 draft, Cleveland's Baker Mayfield, falls under Tier 3.

The Ravens are still hopeful of landing an extension for Jackson this offseason.

"We're confident and committed to trying to get a long-term deal done and hopefully we can get that done at some point in the near future," Baltimore GM Eric DeCosta said. "It might take a little time but we're willing to try."

One year after being named NFL, MVP, Jackson had another solid season in 2020. He threw for 2,757 yards with 26 touchdowns and nine interceptions (99.3 rating). Jackson also became the first quarterback in league history to record two 1,000 yards rushing seasons.

A new deal for Jackson would likely be worth about $43.5 million annually over a four-year extension.