On March 7, the Baltimore Ravens placed the nonexclusive franchise tag on Lamar Jackson. In doing so, they opened up for business. After struggling to come to terms on an extension with their star quarterback over the past two offseasons, they signaled their intention to play chicken with the league’s other 31 teams.
Any of those teams can sign Jackson to an offer sheet, which the Ravens would then have five days to match. If they match, they keep their quarterback on the terms of that deal. If they decline, the other team has to send two first-round picks to Baltimore in return, with one coming in 2023 and the other in 2024.
Two first-round picks is the baseline for a deal, but it’s not the only possibility. If the Ravens want to negotiate more creative compensation, Jackson would sign his franchise tag and then immediately be traded to his new team for whatever deal Baltimore negotiates.
We saw this happen in the past, as an example, when the Seahawks tagged Frank Clark in 2019 and then dealt him to the Chiefs for a first- and second-round pick as well as a swap of third-rounders. Typically, when teams tag and trade their franchise players, they land something less than two first-round picks. The Ravens could land something more creative. A team such as the Texans might not be willing to send two first-round picks, but such a team could offer the Ravens the No. 2 pick if they’re willing to let Jackson sign his tender before a trade.
Speculation has suggested the Ravens will simply match whatever offer Jackson signs, and it might turn out general manager Eric DeCosta and the Baltimore brain trust will keep him. Given that the Ravens haven’t yet been able to come to terms with Jackson on an extension, though, opening up the bidding to 31 other teams makes it more likely Jackson will receive the sort of contract Baltimore was already loath to give the 2016 Heisman Trophy winner.
All of this opens up an opportunity to discuss something we don’t normally see in the NFL: How much should a team be willing to pay for a 26-year-old quarterback with an MVP on his résumé? Those guys almost never hit the open market, and although Jackson isn’t an unrestricted free agent, this is the closest an elite quarterback in his prime has come to that opportunity in many years.
And yet, the immediate interest after Jackson was tagged seemed tepid. A handful of teams suggested through various reports they weren’t interested in pursuing a deal. Some of those teams went in other directions, as the Raiders signed Jimmy Garoppolo, while the Panthers traded up for the No. 1 overall pick, which they are sure to use on a quarterback. Other teams, such as the Falcons, still have major questions about their quarterback situation, both now and into the future.
Let’s take a deep dive into the Lamar Jackson trade universe and what happens next. I’ll run through each of the 13 teams that should have a conversation about trading for Jackson, why each should or shouldn’t make the move, whether Jackson should waive his de facto no-trade clause to make the deal and what the compensation would look like. In some cases, the easiest deal would be to sign Jackson to an offer sheet and give up two first-round picks. In others, teams might have to get creative and involve other picks or players to trade for Jackson.
Note: We originally published this story in the immediate aftermath of the Jackson announcement, but after three weeks of transactions and Jackson’s confirmation of his trade request, we’ve updated it to include new information and removed teams that are now out of the mix:
Jump to a team: ATL | CHI | DET GB | HOU | IND MIA | MIN | NE NYJ | TB | TEN | WSH
Why would the Ravens settle for two first-round picks?
First, though, let’s hit a question that has seemingly been confusing. Why would the Ravens be willing to risk losing Jackson for just two first-round picks when we’ve seen Deshaun Watson and Russell Wilson land much more? Wilson netted the Seahawks two first- and second-round picks and several players, while Watson landed three first-rounders and several middle-round selections for the Texans.
It would be reasonable to argue that Jackson’s performance is worth more than that of either of those players. He’s eight years younger than Wilson. He has never missed time via suspension unlike Watson, who played just six games last season after serving a suspension for violating the NFL’s personal conduct policy by committing sexual assault, as defined by the NFL, on massage therapists. Jackson has missed time each of the past two seasons with injuries – we’re now three years removed from his MVP year in 2019 – but Jalen Hurts’ success has proved teams can make it to the Super Bowl (and nearly win) with an offense built around the quarterback run game. Jackson is a very valuable player.
The issue is one I harp on a lot: NFL contracts and trade value aren’t about skill. They’re about leverage. The Seahawks and Texans had way more leverage than the Ravens because their quarterbacks weren’t as close to unrestricted free agency. By using the franchise tag, the Ravens are only two years from being in a position in which they would realistically have no choice but to let Jackson hit unrestricted free agency, given the onerous price of a third franchise tag. Baltimore can afford the $32.4 million tag this year and a projected $41.8 million tag in 2024, but it would be north of $60 million in 2025.
Editor’s Picks
Which team should sign Zeke? OBJ? Trade for Hopkins? Barnwell’s ideal fits for 12 available players
Barnwell on the NFL free agency fallout: Answering eight questions on what we’ve learned
The winners and losers of Carolina’s bold trade: What next for Fields, Reich and the 2023 draft
Wilson had two years left on his deal when he was traded to the Broncos, meaning he was four years from threatening to become an unrestricted free agent. Watson was six years away. Those years matter when it comes to negotiating a new deal and figuring out how much trade value a player holds.
I wouldn’t be surprised if Jackson landed more than two first-round picks in a trade, if only because a team might use the extra capital to persuade DeCosta to do a sign-and-trade as opposed to matching an offer sheet. Since two first-round picks is the baseline for a deal, though, I’ve used that as the starting point for possible trade offers below.
NFL teams would need to send their own 2023 and 2024 first-round picks to sign Jackson to an offer sheet, but if they can negotiate a sign-and-trade with the Ravens, teams that don’t have their own first-round pick in 2023 (such as the 49ers or Dolphins) could acquire Jackson without using an offer sheet. In these cases, I would expect the Ravens to ask for something more than two first-round picks; an example might be to include a first-round pick, a second-round pick and a quarterback who can replace Jackson in the starting lineup.
I’ll be ranking these teams in terms of whether I think they should trade for Jackson as opposed to which is most likely. I’ll start with the teams that aren’t in the discussion at all before working to the teams that should be having conversations.
Teams out of the conversation for a Jackson trade
Of the 31 other NFL teams, 18 don’t even need to bother having a conversation about Jackson. Nine have a franchise quarterback under contract on a significant deal: The Bills, Broncos, Browns, Cardinals, Chiefs, Cowboys, Giants, Rams and Saints are all locked into their current starters for years to come. Obviously, some of those teams are happier about their quarterback situation than others, but they’re not going to add Jackson this offseason.
Four more are living the dream of having a franchise quarterback on a rookie deal. For the Bengals, Chargers and Eagles, that dream is about to come to an end, as Joe Burrow, Justin Herbert and Jalen Hurts are each about to get massive raises this offseason. They’re not trading for Jackson. Neither are the Jaguars, who are understandably thrilled about what Trevor Lawrence showed during the second half of 2022. Lawrence will be due for an extension before the 2024 season.
The Seahawks are somewhere between those two universes, having signed Geno Smith to an extension Monday afternoon. Smith’s three-year deal leaves the team some flexibility to move on after one season, but if it adds a quarterback to the roster this spring, it likely would be a draft pick who apprentices behind Smith in 2023. Seattle has two first-round picks. It likely is out of the picture for Jackson.
There’s one team left in this group. The jury is still out on Kenny Pickett as he enters his second season with the Steelers, but even if Pittsburgh wanted to trade for Jackson, I can’t imagine the Ravens would be willing to deal him to their archrivals. These two teams did link up on a trade in 2020, when Baltimore sent defensive lineman Chris Wormley to Pittsburgh, but with all due respect to the Wormley family, trading a 5-technique lineman isn’t exactly the same thing as trading away the face of the franchise. Jackson is not going to be in black and yellow in 2023.
Other teams have made moves since the start of the legal tampering period to solve their quarterback situation. The Panthers moved up and landed the first overall pick in April’s draft. The Raiders signed Jimmy Garoppolo, who will be their starter for the next two seasons. The 49ers added Sam Darnold, which wouldn’t stand in the way of a Jackson signing, but they handed out a big contract to Javon Hargrave and still have new deals for Nick Bosa and Brandon Aiyuk on the horizon. It’s extremely difficult to imagine them finding the space to add Jackson.
We’re left with 13 other teams that could plausibly sit down and have a conversation in the building about whether they should get into the Jackson business. Some of them might be done with that conversation after 30 seconds, but others could and should be willing to offer the Ravens whatever it might take to add a potential Hall of Fame quarterback.
I’m going to run through those 13 teams, starting with the ones that can least justify a Jackson deal before hitting those that have the best case for making a move, and talk about why a Jackson deal would or would not make sense. Since Jackson would need to sign the tag to make a trade possible and has a de facto no-trade clause as a result, I’ll cover whether he would find each opportunity compelling. I’ll also hit what a trade could look like for each of those teams, with or without two first-round picks involved.
Ranking best team fits for Jackson
13. Green Bay Packers
Why they should consider it: The Packers are in transition under center. Aaron Rodgers has suggested he wants to join the Jets in 2023. A trade between the two parties seems inevitable, but 15 years after agreeing on a swap that sent future Hall of Famer Brett Favre to the Jets, New York and Green Bay appear to be engaging in a $58.3 million game of chicken. Rodgers could still theoretically return, but his future appears to be in East Rutherford.
A Rodgers departure would clear the runway for Jordan Love, whose selection in the first round in 2020 set off the Rodgers revenge tour (back-to-back MVPs in 2020 and 2021). Like Rodgers, Love has sat on the bench for several seasons without much playing time as a pro. Unlike Rodgers’s situation, though, the Packers are facing a significant financial decision about Love’s future before he gets those opportunities, given that they will need to decide in May whether they want to pick up the 24-year-old’s fifth-year option of $20 million for next year. Love has thrown just 83 regular-season passes, and while his numbers improved dramatically in a 21-pass sample last season, almost all of that is a product of one play – a short slant that Christian Watson took 63 yards to the house against the Eagles. I don’t think we know anything meaningful, good or bad, about what Love will be as a pro quarterback, which is a little concerning for a team that has to decide on Love as a 2024 option before he sees regular playing time next season.
Love might turn out to be a great quarterback, but Jackson has the sort of résumé Love lacks. For a team that won 13 games three times in a row before narrowly missing the postseason at 8-9 last season, Jackson would provide the sort of floor that playoff teams need from their quarterbacks. If the Packers are going to move on from Rodgers, better to move on to a guy who is 45-16 as an NFL starter than an unknown quantity in Love.
Why they shouldn’t consider it: Jackson is a much surer thing than Love, but for a Packers team in a tight salary cap bind, Love would be a cheaper option over the next two seasons. It’s unclear what Love will turn out to be after three years as Rodgers’ backup, but the Packers clearly thought he was worth a significant investment when they drafted him in Round 1 in 2020. They’ve also resisted the urge to trade Love to recoup draft capital while Rodgers was at his zenith, suggesting they still see Love as a long-term solution.