Monday and Tuesday at The Star brought both excitement and a sigh of relief to the Dallas Cowboys' camp following the agreement to a four-year, $136 million contract extension with All-Pro wide receiver CeeDee Lamb. The deal not only ends Lamb’s holdout but also ensures that one of the NFL’s top pass-catchers remains with the team for the foreseeable future. With this significant move, the Cowboys can now shift their attention to another critical piece of their offensive arsenal: quarterback Dak Prescott.
Prescott is set to enter the final year of his contract in 2024, making his future with the Cowboys a topic of keen interest. Having led the NFL with 36 passing touchdowns in 2023, Prescott has demonstrated his value on the field. As Cowboys owner Jerry Jones emphasized, the upcoming season opener is of paramount importance. "We’re continuing to, first of all, put all of our focus on what’s coming up here in the next 10 days, two weeks. That game [Week 1 at the Cleveland Browns] takes priority over anything," he stated.
Prescott’s current contract includes both a no-franchise tag and a no-trade clause, indicating the Cowboys' commitment to their star quarterback. However, if an extension isn’t reached, Prescott could hit the open market by March 2025. This timeline adds urgency to the ongoing negotiations, especially considering that none of the Cowboys' current quarterbacks, including Cooper Rush and Trey Lance, are under contract for 2025.
Financial considerations are undoubtedly at the forefront of these negotiations. The Cowboys have $39.6 million in effective cap space to maneuver in 2025 and a projected $160.1 million in cap space come 2026. Balancing the salary cap while securing top talents involves complex decision-making and inherent risks, as noted by Jones. "Managing an NFL roster under salary cap restrictions is complex and involves inherent risks," he said. "You’ve always got to remind everybody that this is a zero-sum game. Any dollar one player gets is a dollar another one doesn’t get."
In the context of league-wide financial benchmarks, contracts held by Trevor Lawrence, Jared Goff, and Jordan Love, with their highest average annual salary reaching $55 million per year, provide a reference point for Prescott's negotiations. The stakes are high, and the Cowboys’ management is aware of the delicate balance required. "If you can get the most and the best players out there for the least amount of the cap, you’re doing your very best job," Jones explained. "Sometimes it’s worked out really well. Sometimes taking those risks will bite you."
For Prescott, navigating contract negotiations while staying focused on the season ahead is essential. He relies on his agent, Todd France, to handle the intricate details. "There’ve been conversations back and forth, but for the most part, as y’all know, I let my agent handle that, especially as we get right here into training camp," Prescott shared. His primary focus remains on the task at hand, preparing for the imminent season. "The money and all that will take care of itself as it always has," he added confidently.
CeeDee Lamb, fresh off his own contract renewal, expressed his optimism about Prescott’s future with the team. "You look at our numbers together, they're at the top of the charts. I have no doubt that they're going to get a deal done. We all know that I want Dak here. Jerry [Jones] wants Dak here, too, so let's just get this under control and kill the speculation and let's go win," Lamb asserted.
The Cowboys’ front office, led by Jones, who purchased the team back in 1989, faces another critical decision that will shape the franchise’s future. Ensuring Prescott remains the centerpiece of their offense could be pivotal. Yet, the business of the NFL demands meticulous planning and strategic risk-taking. As the 2024 season looms, all eyes will be on Prescott and the Cowboys as they navigate the intricate dance of NFL contracts and salary caps, striving to build a team capable of achieving championship glory.