I think they have to pay Lamar, but the point is.. they wouldn't be 'hitching their wagon' to Huntley and could pay the team around him. It's a legit question whether some of these QBs in the current QB friendly environment can carry a team where they are worth 2-4 "superstars" of salary at other positions. If the Ravens decided not to, they'd also trade him.. and I don't think the equivalent of "4 1sts" would be far out there as a return.
It's also much different when a player has to play game in / game out and gets the full attention of the opposing team's game plan.