The quarterback market continues to rise in the wake of Derek Carr's new deal from the Las Vegas Raiders on Wednesday. 

Per NFL Network's Ian Rapoport, Carr agreed to a three-year, $121.5 million extension that keeps him with the Raiders through the 2025 season. 

As noted by NFL Network's Tom Pelissero, there are now seven quarterbacks with deals averaging at least $40 million per season:

There will be two more in that group whenever Lamar Jackson and Kyler Murray sign long-term contracts. 

Jackson's situation is the more urgent of the two because he's only under contract with the Baltimore Ravens for one more season. The 25-year-old likely wouldn't hit free agency next offseason because the team will almost certainly use the franchise tag if a deal can't be reached. 

Murray is entering the fourth year of his rookie contract with the Arizona Cardinals. The team hasn't officially exercised his fifth-year option for 2023 yet, but general manager Steve Keim told reporters last month they intend to do so before the May 2 deadline. 

The last elite-level quarterback to hit true free agency was Tom Brady after the 2019 season. He was only able to do that by signing a deal with the New England Patriots that prevented them from using the franchise or transition tag to retain him.

Jackson doesn't appear to be in a hurry to get a deal done. ESPN's Dianna Russini reported on Get Up (starts at :05 mark) last month that there is "no sense of urgency" from the 2019 NFL MVP and the Ravens are waiting on him "to step up" to negotiate a new contract. 

Pro Football Talk's Mike Florio reported April 2 that Jackson "doesn't want to do a deal until the 2022 season is over."

Florio floated a possibility that Jackson could play on franchise tags in 2023 and 2024, which depending on how the cap increases, could amount to the Ravens paying him a total of $97.8 million over the next three years.