As with all first-round picks, the contract is for four years with a team option for a fifth season. Jackson, who was selected with the 32nd overall pick of the 2018 NFL Draft, was chosen by the Ravens after the club sent second- and fourth-round picks to the Philadelphia Eagles.
Per Spotrac, Jackson's deal is worth $9.54 million total with a $5.01 million signing bonus.
Tight end Hayden Hurst, who was selected with the 25th overall pick of the draft, is the lone Ravens draftee yet to sign a contract.
Jackson, who is the 2016 Heisman Trophy winner, passed for more than 3,500 yards and ran for more than 1,500 in each of the final two college seasons at Louisville. He also captured back-to-back ACC Player of the Year awards in 2016-17.
The 21-year-old Jackson is expected to sit behind Joe Flacco, who is coming off a sub-par season. The 33-year-old threw for 18 touchdowns against 13 interceptions while posting a career-worst 5.7 yards per attempt.
Hampered by a back injury, Flacco completed 64.1 percent of 352 pass attempts for 3,141 yards.
Flacco guided the Ravens to a Super Bowl championship following the 2012 season and is entering his 11th campaign.