The Baltimore Ravens wanted franchise quarterback Lamar Jackson’s extension done before the 2026 free agency began. When that deadline passed, it triggered a clause in his contract, allowing the team to restructure his deal and free up $39.96M cap space in the process. This move pushed his 2027 cap hit to $84.49M – the third-highest number in the league. Now, NFL insider Tom Pelissero says the real problem is the clock, not the cash, and it’s because of another clause in Lamar’s deal.

“Lamar Jackson, Jamie, has two years left on his contract,” Pelissero said on Good Morning Football, in conversation with host Jamie Erdhal. “He also has a no-tag clause, which means if he plays out 2026 and 2027, the Ravens cannot restrict his movement. He has the potential to become an unrestricted free agent in 2028. This is taking place at a time that, as I mentioned, the quarterback market continues to go up.

“Think of who’s eligible for contract extensions after this season. It’s the class of 2024. You’re talking about Caleb Williams and Jayden Daniels and Drake Maye and Bo Nix. For the Ravens, they know not only does a $60 million quarterback potentially become a $70 million quarterback with where the numbers are going, but the further into this deal that Lamar gets, the more leverage he has.”

That March restructure converted Jackson’s $51.25M base salary into a bonus spread over four years (including two void years). With this move, his 2026 cap hit dropped from $74.5M to $34.39M. That space allowed Baltimore to sign Trey Hendrickson to a new deal. But Jackson’s 2027 cap hit jumped to $84.34M. But Jackson didn’t mind the restructure. When reporters asked about his future at his 2026 OTA media availability, he made it clear that he’s not going anywhere.

“I love the Ravens, I love this organization, I love this city,” Jackson said. “This is the team that drafted me. [They] got a lot of love for me, I believe. I got a lot of love for this city and this team, as well. Like I told you, the reconstruction is done. I’m cool with that. I love Baltimore. Everybody should know that by now.”

Now, Jackson has kept the actual numbers of his contract negotiation close to the vest, saying he wants to “keep those conversations private.” Spotrac estimates his market value at a four-year, $257.3M deal – about $64.3 million a year. But that number climbs every month that Williams, Daniels, Maye and Nix inch toward their own extension. In this backdrop, Sports Illustrated’s Albert Breer paints another problematic scenario for the Ravens.

“He also has a new head coach in Jesse Minter, who might want to show how his regime will back Jackson,” writes Breer. “And my sense is the Ravens are ready to explore extending Jackson well into his 30s. But Jackson has to be ready to do that, too. And the idea, with a no-tag clause in his contract, of hitting free agency in 2028 at 31 years old could be enticing to him.”

Incidentally, the Ravens restructured his contract because of that automatic clause, not because they wanted to. That safety valve bought the team cap space, but Jackson’s signature on a new deal is what they’re still aiming for. And Jackson’s negotiations – handled by the man himself – aren’t going to make things easy.

“He doesn’t have an agent,” Pelissero added on GMFB. “The way his negotiations proceed are just a little bit different than everybody else’s. But the fact he cannot be tagged two years from now, two years from March, is one reason, a big reason that the Ravens would like to get something done right now.”

Pelissero also noted that Lamar Jackson’s cash flow is strong enough for the 2x MVP to be patient. He’s due $52M this season and the next, so he doesn’t need to rush. That’s the leverage. The Ravens want to pay him. They want to lock him in. But every extension the class of 2024 signs pushes the market up, and the no-tag clause is still sitting there untouched.