The NFL offseason is filled with a neverending swirl of rumors and news. Arguably no team has been at the forefront more than the Baltimore Ravens. On Thursday, April 27, the Ravens finally locked up QB Lamar Jackson with a five-year extension, making him the highest-paid player in the NFL. In the hours before the 2023 NFL Draft, let’s look back on the Ravens’ offseason moves thus far.
Baltimore Ravens Offseason Summary
The Ravens have made several roster moves dating back to early January. Of course, not every move is noteworthy. Here are the most prominent moves the Ravens have made.
Ravens Sign LB Roquan Smith to Five-Year Extension
On January 11, the Ravens gave the former Bears linebacker a $100 million extension with $45 million guaranteed. The Ravens acquired Smith in a midseason trade that sent LB A.J. Klein and second- and fifth-round picks to the Bears for the All-Pro linebacker.
The 26-year-old defender is firmly in the prime of his career. He’s coming off a 169-tackle season and his first trip to the Pro Bowl.
Ravens Release DL Calais Campbell
The former Cardinal and Jaguar signed a two-year deal with the Ravens ahead of the 2020 season. Even at 34 years old, Calais Campbell was able to put up a Pro Bowl season.
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Following the 2021 campaign, Campbell’s contract expired. The Ravens re-signed him to another two-year deal. However, Campbell was released with a $2.4 million dead cap hit. He has since signed a one-year deal with the Cardinals.
Ravens Sign WR Nelson Agholor
Perennially in need of wide receiver help, the Ravens had to do something after a quiet initial free agency period. While not the splash Ravens fans hoped for, the team signed Nelson Agholor to a one-year deal on March 29.
On his fourth team in the last five years, the 2015 first-round pick of the Philadelphia Eagles provides the Ravens with solid veteran depth at the position. While undoubtedly an upgrade on what they ran out there last year, Baltimore wasn’t done making moves at wide receiver.
Ravens Sign WR Odell Beckham Jr.
As of April 13, the day they signed the former Giant, Brown, and Ram, this was the most impactful offseason addition the Ravens had made. Baltimore only gave Beckham a one-year deal, but it was pricey. Beckham will receive $15 million with the potential to earn another $3 million in incentives.
Beckham won a Super Bowl with the Rams two years ago but missed the entire 2022 season after tearing his ACL for the second time. The 30-year-old receiver may no longer be the elite option he was in the mid-2010s, but he proved in 2021 that he can still be a productive piece of an offense. Beckham should step in as the Ravens’ WR2 opposite Rashod Bateman.
Ravens Sign QB Lamar Jackson to a Five-Year Extension
We’ve been hearing about a Lamar Jackson contract extension for over two years now. The two sides negotiated ahead of the 2021 season but weren’t able to reach a deal. The same story played out ahead of the 2022 campaign. So, we entered the 2023 offseason with Jackson without a contract.
The Ravens slapped Jackson with the nonexclusive franchise tag, which gave Jackson the freedom to negotiate with any team, but gave Baltimore the option to match any offer. Jackson never got any serious interest. But that had nothing to do with his talent.
My guess is teams just didn’t want to put in the time and effort to negotiate with Jackson, knowing the Ravens were never serious about letting him go.
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On Tuesday, April 27, the longstanding Jackson contract saga came to an end. The Ravens gave Jackson a five-year, $260 million extension, with $185 million guaranteed.
According to Ian Rapoport, Jalen Hurts’ five-year, $255 million extension with $180 million guaranteed provided a catalyst for the Ravens to increase their offer to Jackson.
Getting this deal done now is crucial for the Ravens, as they can focus entirely on the draft, knowing they have their quarterback locked up through his age-30 season.
The Baltimore Ravens Betting Odds Shifted After the Lamar Jackson Deal
It appears as if sportsbooks gave more credence to the notion that Jackson might actually play somewhere else this season than I did. Upon news of Jackson’s extension, we saw some serious movement in the Ravens’ futures odds.
BetMGM moved the Ravens’ Super Bowl odds from +3000 to +2200 on the news. On PointsBet, their Super Bowl odds went from +2500 to +1800. Their odds to win the AFC went from +1500 to +1200, and their odds to win the AFC North went from +275 to +250.
Bettors who were confident in the Ravens working things out with Jackson are likely smiling at the changes. Ultimately, the Ravens are very much contenders in 2023 as long as Jackson can avoid the injury bug that has plagued him over the final month of each of the past two seasons.
