The Dallas Cowboys are looking to offer star quarterback Dak Prescott a contract this offseason. Prescott is in the final year of a four-year, $160 million contract and carries a $59.5 million cap hit this season. The Cowboys need to cut that down, and the only way is to extend him. Since Prescott played at his peak as an MVP candidate all season long, his market value has increased.
His offer is likely to be around $55 million per year, which would put the front office in a corner. However, according to reports, Prescott is expected to command $60 million annually in his new contract. The question is whether Dallas is confident that he is willing to offer the deal he wants. The quarterback threw for 4,516 yards, 26 touchdowns, and nine interceptions while leading the league's high-scoring offense.
However, Prescott has a record of 2 wins and 5 losses in the playoffs as a starter. The 31-year-old is entering the veteran phase of his career, but how long will it take Dallas to go far if there's an investment? Those questions remain open as the front office considers whether they want to invest. Prescott's new contract could be worth around $275 million over the next five years.
He's not getting any younger, and Jerry Jones plans to go “all in” in the offseason. If they stick to their word, an extension for Prescott is possible. Prescott is expected to return to Dallas, and if he returns, he could become the highest-paid signal-caller in the league.
Let me remind you of the impact Dak Prescott has on this game. #Cowboys We are negotiating an extension this offseason…
– His cap number for 2024 is a whopping $59.45 million.
– He cannot be tagged next year, meaning he could become an unrestricted free agent no matter what.
– He also… pic.twitter.com/fs4RQ0rzor
— Ali Maylov (@MySportsUpdate) February 20, 2024
Dallas Cowboys explore contract offer for MVP star quarterback Dak Prescott
An 'all-in' approach could shake up the market
Jones' approach could shake up a quarterback's market value. Bengals quarterback Joe Burrow could become the league's highest-paid quarterback after signing a five-year, $275 million contract extension last September. That situation is expected to change after the Cowboys extend Prescott. Prescott is expected to reset the market for $60 million a year, according to reports.
Since then, the likes of Justin Herbert, Lamar Jackson and Jalen Hurts have signed contracts worth more than $50 million. Prescott is expected to out-earn them with a new contract. Both sides are willing to negotiate, even though Prescott's MVP-level performance was outweighed by his playoff failure with Green Bay. However, it's still possible that Dallas will be hesitant to pay Prescott the contract bonus he wants.
Things may go awry and the front office may become convinced that his failure in the playoffs outweighs his potential. They could use this against him, but Prescott has the leverage to force the team to extend him to free up cap space. Jones is not yet clear on what an “all-in” approach will look like. But if Dallas sticks to their approach, he would make sense not to extend Prescott.
The clock is ticking to make history
The Dallas Cowboys are currently over the cap going into this offseason. They need to complete the expansion before the market opens to have enough space to add players to their roster. But Dallas has a history of not being aggressive with the play of the team's most important players. The front office may be strategizing and thinking about it, so don't be surprised if they extend Prescott's extension to the last minute.
Dallas still has other priorities to address this offseason. They still need to extend CeeDee Lamb and bring back key free agents set to hit the market. It's going to be another tough financial situation for Dallas as the offseason has just begun.
