The deadline has passed.

Lamar Jackson and the Baltimore Ravens have not reached a contract extension before the Friday deadline Jackson imposed to do a deal before the season, the team announced.

“Despite best efforts on both sides, we were unable to reach a contract extension with Lamar Jackson,” Ravens GM 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 towards a long-term contract after the season, but for now we are looking forward to a successful 2022 campaign.”

Jackson will therefore play out the season on his fifth-year option, making about $23 million.

The market for top tier quarterbacks, meanwhile, has eclipsed $40 million a year.

The Deshaun Watson contract with the Browns — five years, $230 million, fully guaranteed — has been a sticking point in these negotiations. Ravens owner Steve Bisciotti publicly bemoaned Watson’s deal at the time it was signed, saying, “I don’t know that he should’ve been the first guy to get a fully guaranteed contract. To me, that’s something that is groundbreaking, and it’ll make negotiations harder with others.”

Jackson, the 2019 NFL MVP, undoubtedly wants the type of guarantees Watson got. The Ravens don’t seem to want to give it to him. Jackson has been handling negotiations himself, without the aide of an agent.

Baltimore would have the option to apply the franchise tag after this season if they are still unable to reach a long-term deal.