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Lamar Jackson signs $260 million deal with Ravens — becomes NFL’s highest-paid player
Star quarterback Lamar Jackson and the Baltimore Ravens have agreed to a five-year extension, the team announced on Thursday, just prior to the NFL Draft. According to CBS Sports NFL insider Josina Anderson, the deal is worth a $260 million, with $185 million of that guaranteed.
The contract averages out to about $52 million per season, making Jackson the highest paid player in the NFL by average annual salary, Anderson reported. However, the guaranteed portion of the contract is well under the $230 million Cleveland Browns quarterback Deshaun Watson received last summer.
Jackson expressed excitement about the extension in an official announcement video posted on the team’s Twitter account.
“For the last few months, there’s been a lot of he said, she said, a lot of nail-biting, a lot of head scratching going on,” Jackson said. “But for the next five years, it’s a lot of flock going on. Let’s go, baby. Let’s go.”
We’ve agreed in principle on a 5-year contract extension with QB @Lj_era8‼️
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— Baltimore Ravens (@Ravens) April 27, 2023
According to the team, negotiations have been ongoing for about two years. Eric DeCosta, Ravens general manager, called the agreement to secure Jackson’s deal a “long, long process, but family is never easy.”
Earlier this offseason, the Ravens had put Jackson on a non-exclusive franchise tag, giving him the ability to sign a deal with another team that the Ravens would then have been able to match. It led to speculation that Baltimore might be prepared to part ways with their franchise quarterback — the 2019 league MVP.
Earlier this month, the Philadelphia Eagles reached a five-year, $255 million deal with quarterback Jalen Hurts, which before Jackson’s deal, had been the highest by average annual salary in the league. That deal had about $180 million guaranteed.
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Express failed to disclose nearly $1 million in executive perks to the clothing retailer’s former CEO, the Securities and Exchange Commission said Tuesday in saying it had settled charges against the company, which went bankrupt earlier this year.
The agency did not identify the former chief executive by name, but said it involved proxy statements for fiscal years 2019, 2020 and 2021, a period when Tim Baxter was CEO. The Macy’s veteran joined Express in June 2019 and departed less than four years later.
“Express failed to disclose $979,269 worth of perks and personal benefits provided to its CEO, including certain expenses associated with the CEO’s authorized use of chartered aircraft for personal purposes,” the SEC stated.
As a result, the company, which filed for Chapter 11 bankruptcy in April, understated its CEO’s compensation by 94% over three fiscal years, according to the agency.
Public companies have a duty to comply with disclosure obligations so “investors can make educated investment decisions,” Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement, stated. Still, the commission did not impose a civil penalty due to the company’s self-reporting, cooperation and remedial efforts, Wadhwa noted.
Express in September 2023 appointed former Tyson Foods executive Stewart Glendinning to replace Baxter, calling his resignation “unrelated to the company’s accounting or financial reporting, and the company affirms its guidance previously announced,” the company said at the time.
A group led by brand acquisition and management firm WHP Global now runs Express and Bonobos after purchasing its operating assets, including 450 stores, in late June.
WHP Global did not immediately respond to a request for comment.
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