Lamar Jackson and the Baltimore Ravens were unable to come to an agreement on a contract extension by the quarterback's self-imposed Friday deadline, which means the former NFL MVP will play this season under his fifth-year option.

"Despite best efforts 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 towards a long-term contract after the season, but for now we are looking forward to a successful 2022 campaign."

Jackson, who is one of the few players in the NFL representing himself, had said he wanted to suspend talks before the start of the regular season. On Wednesday, he indicated that Friday would be the cutoff point.

If the sides are unable to reach a deal by March 7, Baltimore would have to place the franchise tag on Jackson to keep him from becoming a free agent.

Jackson, 25, will make $23.016 million in his fifth-year option. This year, three franchise quarterbacks have signed deals that have exceeded $165 million in guaranteed money.

Jackson was asked Wednesday whether he feels it's a risk to play with no guaranteed money beyond this season.

"It was a pretty big risk last season. The year before," Jackson said this week. "I'm just playing football. Anything can happen. God forbid the wrong thing happens."

Jackson and the Ravens open the season at the New York Jets on Sunday.