The NFL’s fifth-year option formula continues to do interior offensive linemen and off-ball linebackers a disservice by grouping them with their higher-paid depth chart neighbors — offensive tackles and outside linebackers. As a result, the Jaguars declined linebacker Devin Lloyd‘s fifth-year option just over nine months ago, and he’s now set to hit free agency. 
According to Kevin Patra of NFL.com, if Lloyd got his preference, he would be returning to Jacksonville on a new contract for the 2026 season. Unfortunately for him, though, it takes two to tango, and the latest reports out of Duval indicate that the team is not likely to match the offers Lloyd is expected to get on the free agent market. Those rumors should ring bittersweet for the 27-year-old who recently wrapped up a career-year just in time to cash in on it.
Lloyd has had a very impressive start to his career. As a rookie still learning the ropes, Lloyd finished third on his team with 115 total tackles and tied for the team-lead with three interceptions. Despite, the gaudy numbers, Lloyd struggled in coverage early and missed too many tackles for a first-round pick. In Year 2, he started living up more to his draft stock, making big strides in coverage and finishing second on the team with 127 total tackles.
Last year, Lloyd’s coverage took a step back, but he turned a corner in his tackling, drastically cutting down his number of missed tackles and leading the Jaguars in 2024 with 113 total. He showed a new element of disruption, too, logging two sacks and 7.5 tackles for loss after seeing zero sacks and only two tackles for loss in his first two years of play combined. This year, he put it all together. Though he only logged 81 tackles (still good for third on the team), Lloyd became a playmaker elsewhere, picking off five passes (and returning one 99 yards for a touchdown) and logging 1.5 sacks, six tackles for loss, 10 quarterback hits, and seven passes defensed. As a result, Lloyd was named a second-team All-Pro linebacker and a Pro Bowler.
It seems clear that Lloyd is on track for a big payday this offseason. Currently, the highest-paid players at the position are Fred Warner ($21MM per year) and Roquan Smith ($20MM). Lloyd may not land all the way up with those first-team All-Pro backers, but he may fall somewhere in the range of Tremaine Edmunds ($18MM), Zack Baun ($17MM), Jamien Sherwood ($15MM), and Patrick Queen ($13.67MM). Most of those deals are for three years, though a couple are four or five, so you might expect Lloyd to be rewarded with a three-year, $48MM deal or perhaps a four-year, $60MM contract if the team prefers length over value.
As much as Lloyd may want this offer to come from Duval, it seems the Jaguars aren’t expected to open up their pocketbook to him. It’s not all bad news for Lloyd, though, who could end up being consoled by a shiny new deal elsewhere.