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Tannenbaum: Lamar Jackson's patience will result in a big payday (1:20)

Lamar Jackson waited to sign a new contract with the Ravens, says Mike Tannenbaum. (1:20)

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Lamar Jackson has established himself as one of the top players in football, setting records and creating highlights with his ability to evade defenders.

Jackson is drawing praise as being at the top of the game with how he has handled his contract situation.

Jackson has a chance to earn at least $130 million more in guaranteed money and over $7 million more per season if he doesn't sign an extension. One of the few players not represented by an agent, Jackson is being applauded as loudly as the time he threw for over 400 yards and four touchdown.

If I were Lamar Jackson, I would walk into the office of theRavens owner and say, "Hey, great news for you Mr. Bisci." I'm not taking $1 less. When you're ready to write a check for $230 million, I'm going to sign it, said Mike Tannenbaum, the former NFL general manager.

Jackson was eligible for a contract extension last year. Jackson did not pursue a new deal.

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Last summer, Allen signed a six-year, $258 million extension, which averages $43 million per season and includes $100 million guaranteed at signing. The quarterback contracts of this year have shattered previous records, with the Green Bay Packers' Rodgers getting a deal worth $50 million per year, and the Cleveland Browns' Watson getting a deal worth $230 million guaranteed.

It is not known what Kyler Murray and Russell Wilson will make over the next year. Murray wants an extension with the Arizona Cardinals before the draft. Wilson is in line for a new deal after being traded to the Denver Broncos.

Ravens coach John Harbaugh said at the league meetings this week that Lamar Jackson is one of the great things about him.

Lamar Jackson has proven that patience is a virtue with contract negotiations as he's watched the market soar. Shelley Lipton/Icon Sportswire

It would be a priority if it mattered to him. We would be getting something done. He thinks the way that he does. He tells me that I need to focus on being the best quarterback I can be. I think when the time is right, it will happen.

On Tuesday, he wondered if Jackson would follow in the footsteps of KirkCousins, who chose not to sign with Washington after his contract expired. After receiving the franchise tag twice, he left to sign a fully guaranteed three-year, $84 million deal with the Minnesota Vikings. His salary was the highest in the history of the league.

Jackson's fifth-year option will pay him $23.016 million this season. If the sides can't agree on a new deal, Baltimore will have to use the franchise tag on him in the next two years to keep him from leaving. Jackson would hit free agency at the age of 28. By that point, quarterbacks would make $60 million per season.

Harbaugh said that Lamar doesn't really think about it when he talks to him. I believe he is planning on doing something. We are planning on something happening at some point in time.

No one knows Jackson's plans because he hasn't talked much about his contract situation, instead saying his focus is on improving as a quarterback and winning a Super Bowl. Jackson lashed out at speculation that he wants to leave Baltimore, saying that he loves the Ravens.

I love my Ravens I don't know who the hell putting that false narrative out that I'm having thoughts about leaving stop tryna read my mind🙄

— Lamar Jackson (@Lj_era8) March 30, 2022

Jackson should be looking to get paid immediately because of his playing style. Since taking over as the Ravens starting quarterback in the middle of the season, Lamar Jackson has gotten hit 736 times. That is 64 more times than any other quarterback.

Jackson's value could be lowered if he sustains an injury. Jackson has been very reliable. He missed the last four games of last season because of a bone bruise in his foot, but it was the first time in his four-year career that he had missed a game due to injury. He was injured while trying to throw the ball.

This isn't much of a risk, according to Bisciotti. He pointed out that in 2020 he tore his knee and that he led the Bengal to the Super Bowl a year later.

Is Lamar more susceptible? The guys are missing six games and banging their hands on a helmet. You know what I mean? The man wasn't running. He was in the pocket. He tears his knee.

I don't know if anyone has ever backed up the idea that a running quarterback with a higher propensity of injury is a has-to-be. I don't know if anyone has ever done that. Have you seen it? If you are a running quarterback, you are more susceptible to injury. Show me. Show me the numbers. I have never seen them.

The Ravens want to make a long-term commitment to Jackson. When Jackson will start to engage in contract talks and how much it will cost are unknown.

I think without a quarterback that you believe in, life sucks as an NFL owner and a fan base.