Lamar Jackson's return from a high ankle sprain lasted just one play before a thumb injury requiring surgery placed him on injured reserve indefinitely, raising questions about his future with the Baltimore Ravens.
Jackson is in the fourth year of a five-year, $260 million deal with a $52 million average annual value. His 2027 cap hit of $84.34 million is the NFL's second-highest behind Patrick Mahomes, and the Ravens have $366.74 million in 2027 cap commitments with minimal carryover space.
Jackson's contract includes a no-trade clause and prevents the Ravens from using franchise or transition tags after 2027, giving him significant leverage. Owner Steve Bisciotti wanted an extension before the 2026 league year, but Jackson, who represents himself, reportedly delayed talks. A restructure created $39.96 million in 2026 cap room.
Despite durability concerns — Jackson has missed 16 of 34 possible games over the past two seasons — his recent performance was strong: 70.8% completion rate, 119.6 passer rating, and the Ravens were 3-1. The Chiefs reworked Mahomes' contract after a more serious knee injury, setting a $63.1 million AAV benchmark.
Trading Jackson would require his consent due to the no-trade clause. A pre-draft trade would incur $74.81 million in dead money, only $9.53 million in cap savings. A post-June 1 trade splits the dead money ($32.34 million in 2027, $42.47 million in 2028) and yields $52 million in 2027 cap space, but the acquiring team would prefer an earlier deal.
Any trade return would likely be less than the hauls for Deshaun Watson or Russell Wilson because Jackson could dictate his destination. A Jeffery Simmons-type package (two first-round picks and a fourth-rounder) might be the floor.
If no extension is reached, the Ravens could restructure again, creating up to $37.4 million in 2027 cap room but risking $79.9 million in 2028 dead money. Releasing Jackson post-June 1 in 2027 would have similar cap effects but make him a free agent immediately, costing the Ravens a potential 2029 compensatory pick.
