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The last time the Cowboys and Dak Prescott engaged in extension talks, the process covered nearly two full offseasons and dragged into mid-March of a third. Long expected to take place this year, Prescott’s second round of negotiations are not yet off the ground.
Dallas restructured its ninth-year quarterback’s contract recently, dropping his cap number from $59M to $55.5M. The new number would still smash an NFL record, as no player has gone into a season with a cap number higher than $45M. An extension would be the easiest way for the Cowboys to reduce that figure now, but no deal is imminent.
The sides have reached an understanding regarding this situation, per NFL.com’s Ian Rapoport, who notes the Cowboys have not made an offer. Although extension talks began recently, it does not appear the team is planning to submit one anytime soon. Prescott’s contract expires after the 2024 season, and with the Cowboys not being able to use the franchise tag on their QB in 2025, free agency (and a big dead money bill) would stand to enter this equation if the former Offensive Rookie of the Year is unsigned. As of now, that prospect seems closer to reality than it once did.
Prescott, 30, is no stranger to playing on expiring contracts. He played out his rookie deal in 2019 and played the 2020 season on the franchise tag. Despite suffering a season-ending ankle injury in 2020, the standout passer scored player-friendly terms from a Cowboys team that prefers longer-running extensions. Prescott signed a four-year, $160M deal just before the Cowboys would have had to tag him a second time to prevent a 2021 free agency exit. That deal wrapped a lengthy saga, which began when the QB became extension-eligible in 2019, but set the stage for another battle. As part of that 2021 extension, the Cowboys procedurally tagged Prescott, taking a 2025 tag off the table.
Jerry Jones would prefer his QB accept a team-friendlier contract this time around. This topic came up during Dallas’ previous Prescott talks, but the team eventually caved to its signal-caller’s demands. Prescott’s price steadily climbed before reaching that $40M-AAV point. With the market now well beyond $50M per year, Prescott has the leverage to command a deal in that neighborhood — perhaps a record-setting accord.
“As you address a player like Dak, you take away from his supporting cast,” Jones said, via the Fort Worth Star-Telegram’s Clarence Hill. “That’s not a sales job. Everybody realizes, if you get the bucks, someone else who can help you win doesn’t. That’s factual.”
Painting Prescott to be on the greedy side certainly could be a negotiating tactic on Jones’ part, but the Cowboys will be battling uphill if they push this process toward the season. Prescott would have a clear path to free agency if no extension came about.
The Cowboys would take on $40.5M in dead money if they cannot extend Prescott before the 2025 league year. Due to his age and accomplishments, Prescott would stand to far outdo Kirk Cousins (four years, $180M) on the open market. The prospect of finding a suitable replacement also a rather notable part of this equation.
The Cowboys acquired Trey Lance via trade last year, but the ex-49ers No. 3 overall pick’s contract expires after this coming season. Again armed with a quality roster, Prescott will — barring injury — likely have Dallas in playoff contention, which would not give the team favorable draft real estate in 2025. While it would be easier to extend CeeDee Lamb and Micah Parsons with Prescott out of the picture, his 2025 dead money would make it more difficult to carry a Lamb re-up and a Parsons fifth-year option on the books next year.
While it would certainly be noteworthy if the Cowboys were serious about letting Prescott play out his contract year, the leverage being skewed toward the QB make it premature to indicate Dallas is done negotiating.
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