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Stephen A. wishes Lamar Jackson would hold out (2:14)

Lamar Jackson needs to sign a new contract with the Ravens before he sits out. There are two words in this sentence: (2:14).

11:19 AM ET

Lamar Jackson will play this season under his fifth-year option after the Baltimore Ravens and the quarterback couldn't agree on a contract extension.

"Despite best efforts on both sides, we were unable to reach a contract extension with Lamar Jackson," DeCosta said. He has handled the process well and we are excited about our team with Lamar leading the way. After the season, we will continue to work on a long-term contract, but we are looking forward to a successful campaign in 2022.

One of the few players in the NFL representing himself, Jackson had said he wanted to suspend talks before the start of the season. He said that Friday would be the cutoff.

If the sides can't reach a deal by March 7, the Ravens would have to place the franchise tag on Jackson to keep him from leaving.

Jackson will make $23.016 million in his fifth year. Three franchise quarterbacks have signed deals that are more than $150 million.

Jackson was asked if he felt it was a risk to play with no guaranteed money after this season.

Last season it was a big risk. Jackson spoke this week about the year before. I'm not really playing a game. There can be anything that happens. The wrong thing could happen.

The Ravens play the New York Jets on Sunday.