Report: Lamar believed to have rejected $250M contract

Baltimore Ravens quarterback Lamar Jackson is believed to have rejected a contract extension worth about $250 million, ESPN's Adam Schefter and Chris Mortensen report.

Jackson is set to play out the final season of his rookie contract after the sides were unable to reach an agreement prior to Friday's imposed deadline. The Ravens weren't interested in satisfying the quarterback's demand of a fully guaranteed contract, sources told Schefter. Jackson reportedly wanted something similar to the fully guaranteed $230 million that the Cleveland Browns handed Deshaun Watson.

Baltimore's front office offered Jackson a six-year extension that included $133 million fully guaranteed, sources told Mortensen. The offer would have given Jackson the second-most fully guaranteed money among quarterbacks, only trailing Watson, per Over The Cap.

The proposed contract included a higher average annual value than Kyler Murray's and Russell Wilson's new extensions. Wilson's AAV comes in at $49 million, while Murray's is $46.1 million.

General manager Eric DeCosta said Friday that he greatly appreciates how Jackson represented himself through the process. The 25-year-old was not represented by an agent.

Jackson will earn $23 million in 2022 before being slated for free agency. However, the Ravens could franchise tag him for approximately $45 million.

A former league MVP, Jackson threw for 16 touchdowns and a career-worst 13 interceptions amid an injury-plagued 2021 campaign. He also had two scores on the ground.