Ravens, Lamar Jackson agree to record-breaking $260 million contract extension: reports

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Lamar Jackson is staying in Baltimore.

The 2019 NFL MVP and the Baltimore Ravens have agreed to a five-year contract extension worth a reported $260 million, and $185 million is reportedly guaranteed.

The deal now makes Jackson the highest-paid player in the NFL based on annual average value at $52 million, topping Jalen Hurts' $51 million. Hurts inked his $255 million extension with the Philadelphia Eagles earlier this offseason.

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Quarterback Lamar Jackson of the Baltimore Ravens throws a pass against the Miami Dolphins at M and T Bank Stadium Sept. 18, 2022, in Baltimore. (Rob Carr/Getty Images)

Jackson's is the second-most lucrative deal in NFL history, surpassing Josh Allen's six-year, $258 million pact and trailing only Patrick Mahomes' $450 million contract over 10 years. The guaranteed money is the third-most ever behind only Deshaun Watson's $230 million and Kyler Murray's $189.5 million.

The Ravens and Jackson haven't seen eye to eye recently, and the quarterback turned down an extension before the 2022 season started. Jackson requested a trade in March after the sides were again unable to agree to a long-term deal.

Baltimore placed its franchise tag on Jackson, allowing other teams to make offers for Jackson that the Ravens could match. Any team acquiring Jackson would have had to send the Ravens two first-round draft picks.

Jackson had long sought a lucrative extension, and after a lot of drama, he finally has it.

Baltimore Ravens quarterback Lamar Jackson (8) runs the ball during the first half of a game against the Jacksonville Jaguars Nov. 27, 2022, in Jacksonville,