The Baltimore Ravens have reached a five-year contract extension with their quarterback (QB) Lamar Jackson, the team announced on Thursday. According to ESPN, the deal is worth $260 in total and includes $185 million in guaranteed earnings.

Jackson's new contract is the biggest in the NFL in terms of average annual salary and ranks third in guaranteed money after the $230 million of Deshaun Watson of the Cleveland Browns and $189.5 million of Kyler Murray of the Arizona Cardinals.

As the 32nd selection in the NFL Draft in 2018, Jackson could have reached an extension much earlier, like the seventh selection of his class, Josh Allen, did in 2021 with the Buffalo Bills. However, as Jackson doesn't have an agent and reportedly wanted a similar deal to Watson's, it took the QB and the team as long as 27 months to finally reach an agreement. The Ravens had to place a non-exclusive tag on Jackson after the 2022 season ended.

"For the last few months, there has been a lot of he said, she said," Jackson said in a video he posted on Twitter. "A lot of nail-biting. A lot of head-scratching going on."

It should be noted that Jackson's extension was agreed upon very close to this year's draft. The Ravens, which hold the No. 22 pick for the first round, selected a wide receiver, Zay Flowers from Boston College, instead of a QB.

"We do feel that he's the best quarterback in the NFL, and I think this contract reflects that," the Ravens' general manager Eric DeCosta said of Jackson's extension. "I feel that way sometimes with family, things can get tough ... and there was definitely some emotion. But in the end, we've been blessed to have Lamar as part of this organization for a long time. I think he feels this place is special, too. And it was business; it wasn't personal."

Having played five seasons in the league, Jackson has completed 1,055 of his 1,655 passes for 12,209 yards and 101 touchdowns with 38 interceptions. As one of the best running QBs in today's NFL, he rushed 4,437 yards and 24 touchdowns with 727 carries. He is a two-time Pro Bowler and was selected into the first-team All-Pro and named the NFL Most Valuable Player in 2019.

The Ravens have appeared in the playoffs in four of the past five seasons, but never went through the American Football Conference Divisional Round.