I think Love is ok. It is WAY TOO EARLY to be talking about extensions or contracts for him. Lots of football left, lots to evaluate.
I can tell you that I don't see an 'it' factor that will make him elite. With a good OL and receivers, he can be a facilitator but I don't think he's a Mahomes or worth 35M/yr.
At the moment, his supporting cast has got him a bit rattled -- which doesn't help -- but ignoring that his accuracy and ball placement is a problem, especially on deep throws. Maybe that improves with age, but he's had a lot of time to work on it already so I'm not optimistic. QBs who are only accurate in the MOF and within 15 yards of the LOS aren't elite or even top 10, and given the garbage QBs (10 rookies starting this season so far) that's...not good. I think he can be a decent system QB and he's definitely a step up from a backup QB, but I don't see performance worthy of a big contract extension.

QBs get outsized contracts because the way the rules are they generally have outsized control of the game's outcome. A lot of middling QBs get paid stupid money. Daniel Jones being the latest example. I think by the end of the season they'll have a better read on if Love is the long-term answer or just a stopgap. Right now he looks more stopgap than long term franchise QB to me, but draft position and cap space may force them to keep him a bit longer than they may want to.

After the 2024 end you may be looking at a completely new GB team: Murphy will be on his way out and the new President might change the reporting structure, the GM and the HC. They may want to move on from Love at that point.

I'm not a Jordan Love hater, I think he can win games and be 'ok'. I'm not on the bandwagon and I see him as a QB who you'll eventually look to replace because he's an average-ish pro, and that doesn't get you much over .500.