OK. And I think the second paragraph is what's literally not going to happen.
The Owner wants "outs" because he doesn't want to pay $ to people that aren't performing. You're looking at it purely from a cap or fan perspective, which is probably the absolute wrong way to look at a situation like this.
As you've already said, you don't think being able to have an "out" for one year is significant. I feel very confidently that the person writing the checks may have a completely different view point on that. Not even Billionaires are that cavalier with $50M. Its easy for fans to be, because fans are just spending somebody else's $.
Of course the owner wants 'outs' but very rarely is it going to be as clear cut as that.
The chances are that Lamar's performance won't decline so much that the Ravens simply want to cut him anyway, except for injury. Even then, most teams are going to give their star QB time to recover in the hope that they return to form. Meanwhile, more of any contract becomes guaranteed with each year that passes.
More often, when a franchise QB declines, we see them traded to a QB hungry team, hoping they can revive his career. Guarantees wouldn't prevent that.
So we're really talking about a severe injury that happens early enough for Lamar to recover and for the Ravens (and every other team) to see that he has definitely lost it as a player, before the team gets any real advantage from the ability to simply cut him. That's a narrow window.
So narrow, that it's clear to me that the Ravens/Bisciotti are against guarantees because of the precedent, not for football reasons. So why are Ravens fans opposed to guarantees? Fucked if I know.