Jaguars staring at a $51 million decision that could define their offseason

The Jacksonville Jaguars are having a banner year under head coach Liam Coen. Right off the bat, he's turned them into a legit contender in just his first season at the helm. Of course, general manager James Gladstone also deserves plenty of credit for the turnaround. Back in the offseason, he addressed most of the team's glaring needs and did a good job of raising the roster floor.

But as impressive as the Jags have been, the team's brass will need to reconfigure the roster in the offseason. Already, they're facing several tough decisions. Linebacker Devin Lloyd will arguably give them the toughest one.

Lloyd had his fifth-year option declined. He put his head down and got to work, which led to the best season of his NFL career. The former Utah Ute is now slated to become a free agent, and Jacksonville must decide whether it will give him a new deal. Based on a projection from a former NFL agent, it won't come cheap.

The Jaguars won't have an easy decision with pending free agent Devin Lloyd

Former NFL agent Joel Corry, now with CBS Sports, put together a list of breakout players who are slated to become free agents and included Devin Lloyd, noting that he's played at a high level after the Jags opted not to pick up his fifth-year option. Here's the skinny.

"Devin Lloyd seemed intent on proving the Jaguars made a mistake by declining his $14.751 million fifth-year option for 2026," Corry wrote. "He was named AFC Defensive Player of the Month for September. Lloyd's momentum was briefly slowed by a Week 6 calf injury, but he hasn't missed a beat since returning to action after a two game absence. His five interceptions are tied for the second-most in the NFL this season."

Corry goes on to say that Tremaine Edmunds got the biggest payday among off-linebackers in free agency when he signed a four-year deal worth $72 million in 2023. That said, that's not the biggest contract at the position.

Fred Wagner's three-year, $63 million deal makes him the highest-paid off-linebacker in the league. Roquan Smith ranks second with a five-year contract that pays him an annual average of $20 million. The difference is that both of them re-sign with their team, unlike Edmunds, who hit the open market. As dominant as Lloyd has been in 2025, it's hard to picture him getting a deal in that range from the Jaguars.

As Corry mentions in his analysis, Zach Baun's three-year deal worth $51 million is the benchmark. That said, he could get close to (or even reach) the $20-million mark if he hits the open market. Granted, off-linebackers don't get top-market contracts at the same rate as pass rushers or cornerbacks, but the best ones cash in, and Lloyd has turned out to be pretty good this season.

It's also worth noting that Corry's valuation of Lloyd is lower than Spotrac, which projects Lloyd to get a three-year deal worth $60 .1 million in free agency. Either way, re-signing him won't come cheap.

Related: Jaguars fan favorite is giving James Gladstone a decision that will keep him awake at night

Devin Lloyd deserves to be paid but may not fit the Jaguars' budget

The Jaguars would love to keep Devin Lloyd around, and you cannot blame them for declining their fifth-year option. Although he was solid in past seasons, he didn't make enough big plays and struggled in coverage. The 2021 first-round pick improved in both areas and rewarded Jacksonville with a banner campaign.

By now, it's abundantly clear that the Jags must lock Lloyd up. The issue is that they're already $2.9 million over the cap, and signing him would prevent the team from addressing other needs. Aside from the fifth-year linebacker, cornerback Montaric Brown, offensive lineman Cole Van Lanen, and cornerback Greg Newsome are scheduled to become free agents. The team's brass won't be able to bring all of them back.

The bottom line is that Devin Lloyd deserves a new deal, one that reflects his status as one of the best off-linebackers in the league. The Jaguars know it and will have to work, and James Gladstone will have to work his magic to ensure he doesn't go anywhere in the offseason.