Ian Rapoport Discusses What Patrick Mahomes' Historic Contract Extension Means for Lamar Jackson
Patrick Mahomes' historic contract extension with the Kansas City Chiefs has reset the quarterback market and intensified the spotlight on quarterback Lamar Jackson and the Ravens.
The Chiefs added two years to the 10-year deal Mahomes signed in 2020, with the new money being worth $239.05 million and the total value coming out to $504.75 million, NFL Network’s Ian Rapoport and ESPN's Adam Schefter reported Wednesday. It's the first NFL deal to be valued at more than $500 million.
Schefter added that all $504.75 million becomes guaranteed through contract mechanisms and that Mahomes can earn up to $522.25 million through incentives and escalators. The $64 million annual average value of the deal, beginning in 2027, is an NFL record.
"The next question has to be how close can Lamar Jackson get to [Mahomes'] contract extension," Rapoport said on “The Insiders.” "Here's the thing: Lamar Jackson's situation is different for a couple reasons. First of all, he's got two years left on his contract, making about $52 million this year, so not really thirsty for a new contract.
"The team has already restructured his deal for cap reasons, and I would say, not always but generally, when a team restructures a player's deal, you don't often see a player then get a contract extension. It can happen. Certainly the Baltimore Ravens and Lamar Jackson have discussed it. You just don't often see it."
Owner Steve Bisciotti said in January that he wanted to get a contract extension done with Jackson before the start of the new league year in March. That didn't happen, and there have been no updates regarding negotiations because Jackson and General Manager Eric DeCosta keep those conversations to themselves.
Rapoport said it makes sense from Jackson's standpoint to wait until 2027 to sign a new deal.
"I would not be surprised if he goes out and kills it this year and then cashes in during the next offseason," Rapoport said.
ESPN’s Jeremy Fowler said something similar last week.
"Some around the league wonder whether Jackson wants to wait until next offseason to up his value," Fowler wrote. "The quarterback market could move during the 2027 offseason, with Drake Maye, Caleb Williams and Jayden Daniels eligible for new deals."
Pundit Predicts Roquan Smith's Next Contract Will Reset Inside Linebacker Market
Speaking of market-setting contracts, ESPN’s Bill Barnwell identified which player is most likely to become the highest-paid at each position when they sign their next deal.
Jackson was Barnwell's obvious choice at quarterback.
"It would hardly be out of the question for Jackson to sign a deal worth $65 million per year," Barnwell wrote. "A four-year, $260 million deal would make Jackson the highest-paid player in NFL history while still leaving the veteran with the potential to get one more crack at another contract in his mid-30s."
The other Ravens player Barnwell pointed to is inside linebacker Roquan Smith. Barnwell predicted Smith's next contract will make him the highest-paid inside linebacker, surpassing the San Francisco 49ers' Fred Warner's $21 million average annual salary.
"The Ravens traded second- and fifth-round picks to acquire Smith from the Bears in 2022, and after the four-time Pro Bowler excelled and elevated the game of fellow first-round pick Patrick Queen, the Ravens signed Smith to a contract worth $20 million per year during the offseason," Barnwell wrote. "Baltimore let Queen leave for Pittsburgh in free agency, and it has struggled to find the right player next to Smith, which might make it more likely that Smith signs an extension to get back on top of the market sometime before the start of the 2027 season."
Smith, who is signed through 2027, has a $32.7 million cap hit this season and next, per Over the Cap. The five-time All-Pro said this week that his performance (and the defense's) last season did not meet their high standards.
"It's a contract year for the defense," he said.
AFC North Lands in Lower Half of Division Rankings by Quarterback Talent
While two of the four quarterbacks universally regarded as elite reside in the AFC North (Jackson and the Cincinnati Bengals' Joe Burrow), the division was only No. 5 in NFL.com writer Nick Shook’s ranking of the eight divisions by quarterback talent.
"After the rest of the division finishes thanking the Browns for trading Myles Garrett to Los Angeles, they can immediately pivot toward criticizing Cleveland for bogging down the division's ranking in this exercise," Shook wrote. "Look at the rest of the AFC North's quarterbacks: Two-time MVP Lamar Jackson, perennial MVP contender Joe Burrow and four-time MVP Aaron Rodgers, who was good enough at age 42 to agree to run it back with the Steelers in 2026. The upper half of the division is incredibly strong, and while Rodgers is now average -- at best -- he's still significantly ahead of what Cleveland is rolling out."
Veteran Deshaun Watson, who hasn't played since Week 7 of 2024 after twice suffering a torn Achilles tendon, and 2025 fifth-round pick Shedeur Sanders are competing for the Browns' starting job.
Regarding the Ravens, Shook said he is "fascinated to see how Jackson handles the scheme installed by [Offensive Coordinator] Declan Doyle, a disciple of [Bears Head Coach] Ben Johnson."
