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Ravens GM Eric DeCosta announces a contract extension was NOT reached with Lamar Jackson

Jackson will play out the fifth-year option of his contract

NFL: Baltimore Ravens at Arizona Cardinals Joe Camporeale-USA TODAY Sports

Baltimore Ravens General Manager Eric DeCosta announced on Friday the Ravens failed to reach a contract extension with quarterback Lamar Jackson.

“Despite best efforts on both sides, we were unable to reach a contract extension with Lamar Jackson. We greatly appreciate how he has handled this process and we are excited about our team with Lamar leading the way. We will continue to work towards a long-term contract after the season, but for now we are looking forward to a successful 2022 campaign.”

On Wednesday, Jackson announced the cut-off date for his contract would be Friday. Many wondered when on Friday would the proverbial clock strike midnight. A statement from DeCosta signals it already has.

As for now, Jackson will play under the fifth-year option of his contract, earning $23 million this season.

Both sides would have benefitted from the deal from a this season in the short-term with Jackson receiving a well-earned payday and security while the Ravens would have secured their franchise quarterback for a number of years and likely opened up cap space to add a player or two via free agency or a trade. Either way, Jackson is now set to play out the remainder of his deal and attempt to maximize a new contract by achieving his life-long dream of winning a Super Bowl championship, something he promised to do when he was drafted by the Ravens with the No. 32 overall pick in the 2018 NFL draft.