Lamar Jackson is now technically off the open market. From a practical standpoint, however, he’s up for grabs.
That’s the situation after the Ravens elected to place the nonexclusive franchise tag on Jackson before Tuesday’s deadline. The nonexclusive tag means that Baltimore has agreed to pay Jackson $32 million for next season, but that other teams can bid on the 2019 NFL MVP. If Jackson agrees to an offer sheet with a team that bids higher than $32 million, the Ravens have the choice to either match or let Jackson go in exchange for two first-round picks.
The Ravens could have protected their rights to Jackson had they applied the exclusive tag on the QB. Doing so, however, would have cost $45 million for this season.
There are a number of scenarios that could follow from here. Jackson could play for another team if he signs a more lucrative offer sheet that the Ravens don’t want to match. He could stay with the Ravens if (a) nobody offers a more lucrative deal and he decides to sign the tag tender, or (b) if he agrees to a long-term deal with Baltimore. The two sides have until July 17 to work something out.
He could also holdout and refuse to play at all. Jackson would not be under contract, and therefore would not be fined for doing so. If he did holdout, Jackson would still have to sign the tender before Week 10, or else would not be eligible to play in 2023. If he held out the entire season, the Ravens could still tag him again to stop him from becoming a free agent in 2024.
It’s all a bit complicated, but the bottom line is that the Ravens are not willing, at the moment, to pay Jackson what he wants, which is reportedly a deal worth around $50 million in average annual value. If there is a team willing to play close to that that Jackson wants to go to, it would stand to reason he will.
It’s very rare that a top five quarterback becomes available in his prime, but that appears to be what’s happening right now.