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Fifth-year option salaries are set for 2018 first-round picks

As he enters his fourth season as a pro, it's time for Lamar Jackson to ask for an extension, and Mike Florio and Chris Simms think the Ravens shouldn't mess around the way the Cowboys did with Dak Prescott.

The NFL has set the salary cap at $182.5 million for the 2021 season on Wednesday and they’ve also set the amount that teams will have to pay if they exercise their fifth-year option on 2018 first-round picks.

The Collective Bargaining Agreement that the NFL and NFLPA agreed to last season made some changes to how that process works. Any option exercised by the May 3 deadline will be fully guaranteed -- they were guaranteed for injury only in past seasons -- and the payment structure has changed as well.

Players who have been voted to two Pro Bowls on the initial ballot will receive the same salary as the franchise tag at the position. One Pro Bowl nets the transition tag and players who have reached certain playing time levels -- 75 percent of snaps or greater in two of their first three seasons, an average of 75 percent or greater over all three seasons, or 50 percent or greater in each of his first three seasons -- will get the average of the 3rd-20th highest salaries at their position. Any other player will get the average of the 3rd-25th highest salaries.

The option salary for each 2018 first-round pick is listed below:

1. Quarterback Baker Mayfield, Browns -- $18.858 million (Playing time).

2. Running back Saquon Barkley, Giants -- $7.217 million (One Pro Bowl).

3. Quarterback Sam Darnold, Jets -- $18.858 million (Playing time).

4. Cornerback Denzel Ward, Browns -- $13.294 million (One Pro Bowl).

5. Linebacker Bradley Chubb, Broncos -- $12.716 million (One Pro Bowl).

6. Guard Quenton Nelson, Colts -- $13.754 million (Two Pro Bowls).

7. Quarterback Josh Allen, Bills -- $23.106 million (One Pro Bowl).

8. Linebacker Roquan Smith, Bears -- $9.735 million (Playing time).

9. Tackle Mike McGlinchey, 49ers -- $10.88 million (Playing time).

10. Quarterback Josh Rosen, Cardinals -- No option after being traded to an released by the Dolphins

11. Safety Minkah Fitzpatrick, Steelers (Drafted and traded by Dolphins) -- $10.612 million (Two Pro Bowls).

12. Defensive tackle Vita Vea, Buccaneers -- $7.638 million (No criteria).

13. Defensive tackle Daron Payne, Washington -- $8.529 million (Playing time).

14. Defensive end Marcus Davenport, Saints -- $9.553 million (No criteria).

15. Tackle Kolton Miller, Raiders -- $10.88 million (Playing time).

16. Linebacker Tremaine Edmunds, Bills -- $12.716 million (One Pro Bowl).

17. Safety Derwin James, Chargers -- $9.052 million (One Pro Bowl).

18. Cornerback Jaire Alexander, Packers -- $13.294 million (One Pro Bowl).

19. Linebacker Leighton Vander Esch, Cowboys -- $9.145 million (No criteria).

20. Center Frank Ragnow, Lions -- $12.657 million (One Pro Bowl).

21. Center Billy Price, Bengals -- $10.413 million (No criteria).

22. Linebacker Rashaan Evans, Titans -- $9.735 million (Playing time).

23. Tackle Isaiah Wynn, Patriots -- $10.413 million (No criteria).

24. Wide receiver D.J. Moore, Panthers -- $11.116 million (Playing time).

25. Tight end Hayden Hurst, Falcons (Drafted and traded by Ravens) -- $5.428 million (No criteria).

26. Wide receiver Calvin Ridley, Falcons -- $11.116 million (Playing time).

27. Running back Rashaad Penny, Seahawks -- $4.523 million (No criteria).

28. Safety Terrell Edmunds, Steelers -- $6.753 million (Playing time).

29. Defensive tackle Taven Bryan, Jaguars -- $7.638 million (No criteria).

30. Cornerback Mike Hughes, Vikings -- $12.643 million (No criteria).

31. Running back Sony Michel, Patriots -- $4.523 million (No criteria).

32. Quarterback Lamar Jackson, Ravens -- $23.106 million (One Pro Bowl).