5:06 PM ET

Lamar Jackson is remaining with the Baltimore Ravens.

On Thursday afternoon, the Ravens announced they had agreed on a five-year contract extension with the 2019 NFL MVP. The agreement is worth $260 million, a source told ESPN's Jamison Hensley, which makes Jackson the highest-paid player in the league at $52 million per year.

Speculation had run rampant over the past few months over whether Jackson would stay after he demanded a trade, with the Ravens mulling picking a quarterback in the first round of the NFL draft and signing Odell Beckham Jr. to a one-year deal. That's all over now, as Jackson seems happy about his new contract.

"For the last few months, there's been a lot of he said, she said,'' Jackson said in a video the Ravens posted on Twitter. "A lot of nail-biting. A lot of head-scratching going on.

"Now for the next five years, there's a lot of flock going on," he continued, raising up a football with a Ravens logo on it. "Let's go. Can't wait to get there, can't wait to be there. Can't wait to light up M&T [Bank Stadium] for the next five years."

Jackson's teammates on the Ravens congratulated him on Twitter.

OUR QB. 😈😈😈 pic.twitter.com/yJRGGMFcGY
— Baltimore Ravens (@Ravens) April 27, 2023

🤞🏾truzzzz
— Odell Beckham Jr (@obj) April 27, 2023

Congratulations family 🖤🐐 @Lj_era8
— Hollywood Brown (@Primetime_jet) April 27, 2023

Also everyone talking crazy about the Ravens for the past 4 months. Screw you! Respectfully
— marlonhumphrey.eth (@marlon_humphrey) April 27, 2023

Coach Harbaugh right now... pic.twitter.com/u201H96k6D
— Baltimore Ravens (@Ravens) April 27, 2023

Players from around the league also lauded the deal.

Ooooweee they was hating real hard on that man! Never mattered though. Congrats to LJ!! 🔥
— Budda Baker (@Buddabaker3) April 27, 2023

Some much for the "he needs an agent" narrative... he made more money by being patient. Proud of my guy!!! Congrats @Lj_era8 https://t.co/M1NQEN1PNO
— Calais Campbell (@CalaisCampbell) April 27, 2023

Lamar in Baltimore for five more years‼️

Mood: pic.twitter.com/ONXak48dfc
— SportsNation (@SportsNation) April 27, 2023

Baltimore's odds to win the championship this year have already shortened from 30-1 to 25-1 at Caesars Sportsbook.

Their odds of winning the conference went from 20-1 to 15-1. https://t.co/XXWjJPI6vZ
— ESPN Stats & Info (@ESPNStatsInfo) April 27, 2023