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Ravens place franchise tag on QB Lamar Jackson

The Baltimore Ravens have placed the non-exclusive franchise tag on QB Lamar Jackson.

Lamar Jackson #8 of the Baltimore Ravens warms up before the game against the Denver Broncos at M&T Bank Stadium on December 04, 2022 in Baltimore, Maryland. Photo by G Fiume/Getty Images

The Baltimore Ravens have placed the non-exclusive franchise tag on quarterback Lamar Jackson, per Tom Pelissero. If Jackson plays for Baltimore under the tag in 2023, it would come with a $32.416 cap hit. Due to the nature of the non-exclusive tag, Jackson and his camp are free to talk with other teams.

It is important to note that Baltimore specifically placed the non-exclusive tag on Jackson. If it had been the exclusive tag, the only options for the quarterback would be to play under the tag, sit out the season, or for Baltimore to trade him. Now, Jackson and his representatives can contact other teams about potential deals that they would like to sign him to. When one is agreed upon, this is called an offer sheet.

Teams have until March 15 at 4 p.m. ET to get him an offer sheet. Once a team submits one, Baltimore then has the opportunity to match it or let Jackson walk. If they match it, they retain him. If they don't, they will receive two first round draft picks from the team that signs Jackson. The Ravens still have the option of trading Jackson. If they do so, his new team will also receive his non-exclusive franchise tag and the ensuing cap hit it would bring while they likely work out a long-term deal with the quarterback.