ESPN's Adam Schefter gives concerning update on Jordan Love extension

Jordan Love will soon become one of the highest-paid quarterbacks in the NFL. Well, at least that's the idea.

The Green Bay Packers can sign Love to a new deal anytime. They had to wait until May 3, a year after he signed his previous one-year extension. With only a year remaining on his contract, it makes sense for both sides to get a deal over the line sooner rather than later.

However, the Packers will have to spend big. The first quarterback extension domino fell earlier this week, with Jared Goff getting completely overpaid by the Detroit Lions. If Goff is worth $53 million per year, Love's new deal could come close to the league-high $55 million average that Joe Burrow is on.

While we should expect a deal to get done this summer, ESPN's Adam Schefter's latest comments are a little concerning.

Adam Schefter says Jordan Love extension with Packers isn't close

Schefter was a guest on ESPN Milwaukee, and he provided an update on the Packers' contract negotiations with Love. He believes his contract will be worth more than what Goff just signed with the Lions.

"I think his number would go above it, and that's if a deal gets done," said Schefter. "The longer the Packers wait, the more difficult it will be for them, and the better it will be for Jordan Love. That's my own opinion."

That's understandable. Love waiting for other extensions to get done could benefit him. The most concerning part was Schefter saying "if" a deal gets done. We've all assumed it's when, not if. Schefter isn't as convinced.

"I don't think they're anywhere close to getting it done right now," said Schefter. "Those are conversations that will occur here in the days and weeks to come."

So, what happens if the Packers and Love can't agree to a new deal this summer?

"If they don't get something done and he plays this year without an extension, then they would have the ability after this year to tag him if they want," said Schefter. "Look, you don't want to go down that road. You'd rather not have to do that. You'd want this deal done sooner rather than later. But if it doesn't get done and they can't figure it out, they have the tag available. It's not like he's walking out the door in free agency next year—that's not happening."

Of course, the franchise tag is an option, but not a good one. It doesn't help anybody.

The Packers would have the distraction of Love playing on a contract year and a potential franchise-tag issue hurting their salary cap. That's how things played out with Davante Adams, eventually leading to his departure.

It doesn't work for Love, either, as he would play the final year of his contract with no long-term security. What if his performances decline? So would his potential future deal.

The Packers don't have to worry about losing Love. At least not anytime soon. They have the control of the franchise tag, as Schefter pointed out, but that's a last resort and far from an ideal situation. Just look at the mess the Dallas Cowboys find themselves in with Dak Prescott, who enters a contract year and can no longer be franchise-tagged.

It's far from time to hit the panic button. The Packers understand the importance of signing Love to a long-term deal. It likely is a matter of when, not if. They will have to make Love one of the highest-paid players at the position, but he deserves it.

Hopefully, it doesn't drag out over the summer and become a distraction at training camp. That would be the worst-case scenario.

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