Last offseason, Lamar Jackson became one of the highest-paid players in NFL history when he inked a lucrative deal with the Baltimore Ravens. Let’s break down his huge payday, including his contract details, how much he’ll earn in 2024, his career earnings, and more.
Lamar Jackson’s Contract Details and Salary
In 2023, Jackson signed a five-year, $260 million contract with $185 million fully guaranteed. The deal included a $72.5 million signing bonus, and the two-time NFL Most Valuable Player has an average annual salary of $52 million.
At the time, Jackson became the highest-paid player in NFL history. Jackson is still one of the highest-paid quarterbacks in the NFL in terms of average annual value, but he has since been surpassed by Dallas Cowboys QB Dak Prescott ($60 million annually), Cincinnati Bengals QB Joe Burrow ($55 million), Jacksonville Jaguars QB Trevor Lawrence ($55 million), Green Bay Packers QB Jordan Love ($55 million), Miami Dolphins QB Tua Tagovailoa ($53.1 million), Detroit Lions QB Jared Goff ($53 million), and Los Angeles Chargers QB Justin Herbert ($52.5 million).
RELATED: Who Are the NFL’s Highest-Paid Quarterbacks?
It’s clear that the quarterback market continues to surge with each new contract that is signed. San Francisco 49ers quarterback Brock Purdy is next in line for a new deal, so all eyes will be on his negotiations with the Niners, but don’t be surprised if he surpasses Jackson as well.
In 2024, Jackson is earning a base salary of $14.25 million, plus a $17.5 million signing bonus. His total cap hit for this season is $32.4 million. If the Ravens decided to move on from him Jackson, they would incur a dead cap hit of $133.85 million. In other words, Jackson isn’t going anywhere.
The negotiations between Jackson and Baltimore were tense at times, but the two sides eventually worked out the deal. Jackson will collect $51.25 million base salaries in 2026 and 2027, when his cap charges will reach nearly $75 million. However, his contract is essentially designed to be restructured and give the Ravens cap relief at a later date.
To date, Jackson’s career earnings are $144,524,549, and that number will only continue to significantly increase over the next few years.
Though Jackson briefly held the title of the NFL’s richest quarterback, his reign was short-lived. Shortly after Jackson’s deal, the Chargers upped the ante by giving Herbert a groundbreaking five-year, $262.5 million contract, further escalating the value of elite quarterback contracts.