The Baltimore Ravens and quarterback Lamar Jackson have ended negotiations for a long-term contract extension with their season poised to kick off on Sunday.  

Jackson will play for just over $23million on the fifth-year option of his rookie contract. Earlier this week he said he would not continue to negotiate during the season.  

"Despite best effort on both sides, we were unable to reach a contract extension with Lamar Jackson," Ravens general manager Eric DeCosta said in a statement.

"We greatly appreciate how he has handled this process and we are excited about our team with Lamar leading the way.  

"We will continue to work toward a long-term contract after the season, but for now we are looking forward to a successful 2022 campaign."

While talks will resume next offseason, NFL Network's Tom Pelissero reported that Jackson is likely to receive the franchise tag in 2023. 

Dak Prescott played the 2020 season for the Dallas Cowboys under the franchise tag before the sides agreed to a four-year, $160m deal before last season.  

The quarterback market has been booming this offseason, with Deshaun Watson, Kyler Murray and Russell Wilson each signing contracts with an average annual value of at least $46m and with total guarantees over $165m.  

Watson's $230m contract with the Browns is fully guaranteed, and Jackson could be looking for something similar.  

Watson's contract could further complicate the Ravens' situation, with his scheduled $55m cap hit for next season inflating the value of the franchise tag, which is the average of the top five salaries at the position.  

Even if no other quarterbacks sign lucrative deals in the meantime, tagging Jackson would cost the Ravens $45.4m in 2023 and $54.4m in 2024.