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Schefter: Lamar betting on himself in contract year (1:18)

Lamar Jackson turned down the final contract offer from the Ravens. There is a time and a place for it.

8:57 AM ET

Although Lamar Jackson and the Baltimore Ravens have kept details of their contract negotiations private, the star quarterback turned down a five-year extension offer worth over $250 million.

The extension would have increased the total value of Jackson's deal to $274 million over six years. Jackson would have had to pay $23 million in the fifth year of his contract.

The extension years in the Ravens' proposal would have paid Jackson a higher average salary than the deals signed this summer by Broncos quarterback Russell Wilson and Cardinals quarterback Kyler Murray, according to sources.

According to sources, the Ravens did not agree to Jackson's request for a deal that was fully guaranteed at signing, similar to Deshaun's.

Wilson signed a $245 million deal earlier this month that averaged $48.6 million annually and included $161 million guaranteed, six weeks after Murray signed a $230.5 million deal that averaged $46 million per year.

According to sources, the issue for Jackson was not Wilson's deal or Murray's deal, but his deal in general. At the time of signing, the contract was fully guaranteed. The Ravens' offer of $133 million fully guaranteed at signing was more than both Wilson's and Murray's, but less than the one made by the Texans.

Jackson acted as his own agent in the negotiations while leaning on the help of his mother and the NFL Players Association, whose job it is to offer statistics, information, guidance and to be a sounding board.

Jackson was told by the union that he was justified in demanding a guaranteed contract based on his performance.

The talks between the Ravens and Jackson were thought to be "good faith" by the union sources.

Jackson will make $23.016 million in his fifth year, but he won't get a guaranteed amount after this season. He wants to get an extension done with the Ravens, who are expected to apply their franchise tag on Jackson and prevent him from hitting free agency if the sides can't reach a deal.

Joe Flacco made the biggest bet in football in 2012 when he started against Baltimore for the Jets. After leading Baltimore to a Super Bowl title, he became one of the highest paid players in the league.

Last week, Jackson was asked if he felt it was a risk to play with no guaranteed money beyond this season.

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

Over the past four seasons, Jackson has proven to be one of the best players in the league. Baltimore is 37-12 with him and 0-7 without him since he became the starter. He was the Most Valuable Player in the National Football League.

This report was contributed to by an employee of Disney.