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They earned the top seed in the AFC Conference and although Jackson went on to claim just the second play-off win of his career, the Ravens were denied a place in Sunday's Super Bowl as Mahomes' Kansas City Chiefs beat them in the AFC Championship game.
After lengthy negotiations, Jackson was briefly the NFL's highest-paid player after signing a new five-year contract with the Ravens worth $260m in April 2023.
Jackson added with a laugh: "I want to thank my organisation, the Baltimore Ravens, for finally getting this deal done."
The NFL's end-of-season awards are presented during Super Bowl week, with this year's event taking place in the Resorts World Theatre in Las Vegas, which is hosting the NFL's championship game for the first time on Sunday.
The other notable award winners are:
Coach of the Year: Kevin Stefanski (Cleveland Browns)
Comeback Player of the Year: Joe Flacco (Cleveland Browns quarterback)
Offensive Player of the Year: Christian McCaffrey (San Francisco 49ers running back)
Defensive Player of the Year: Myles Garrett (Cleveland Browns defensive end)
Offensive Rookie of the Year: CJ Stroud (Houston Texans quarterback)
Defensive Rookie of the Year: Will Anderson Jr (Houston Texans defensive end)