In a move characterized by caution rather than splash, the Dallas Cowboys maintained a conservative stance in the early stages of this year's free agency. While other teams executed headline-grabbing moves, Dallas opted for calculated decisions aimed at addressing specific needs without jeopardizing their financial stability.
Strategic Additions
One of the most notable additions to the Cowboys' roster was the signing of veteran linebacker Eric Kendricks. The 32-year-old inked a one-year deal valued at $3 million, which could rise to $3.5 million with incentives. Kendricks was signed to fill the void left by the retiring Leighton Vander Esch, bringing both experience and leadership to the linebacker corps.
Another key re-signing was running back Rico Dowdle, who agreed to a one-year contract worth $1.255 million. This move provided the Cowboys with a familiar and reliable option in the backfield.
In a somewhat surprising turn of events, Ezekiel Elliott returned to Dallas on a one-year, $2 million contract that could escalate to $3 million through incentives. Elliott's return followed the 2024 NFL Draft, signaling a renewed commitment to a player whose career has seen both highs and lows in recent seasons.
The One That Got Away
While the Cowboys were making these strategic decisions, Derrick Henry emerged as one of the most high-profile signings in the league, joining the Baltimore Ravens on a two-year, $16 million contract at the start of free agency in March. Henry's deal, which includes $9 million fully guaranteed and potential incentives pushing its value to $20 million, illustrates the premium placed on elite rushing talent.
Henry had reportedly considered Dallas as a potential destination. Speaking on the "Pivot" podcast, Henry remarked, "I was like, man, if I'm not in Tennessee or I don't get to go to Dallas, I'd love to be a Raven." However, his hopes of joining the Cowboys were dashed, as he explained, "They never reached out, you know what I'm saying? ... They weren't really interested. It is what it is."
Cap Constraints and Performance
Cowboys owner Jerry Jones candidly addressed the situation, stating, "We couldn't afford Derrick Henry." This sentiment underscores the financial constraints the team faced, particularly with a $6.04 million cap charge in 2024 due to the post-June 1 release designation of Ezekiel Elliott.
Dallas's conservative approach in the offseason comes against a backdrop of underwhelming rushing performance. Ranking 30th in the NFL with an average of just 73.7 yards per game, the Cowboys' running backs have accumulated only 170 yards and one touchdown on 49 attempts, averaging 3.5 yards per carry. The team’s minus 74 rushing yards over expectation places them near the bottom of the league, only above the Chicago Bears and Miami Dolphins.
Dominance in Baltimore
In contrast, Derrick Henry's impact with the Ravens has been substantial. Accumulating 281 rushing yards, Henry ranks fifth in the NFL, and he is tied at the top for rushing touchdowns with four. His average of 5.0 yards per carry and 65 rushing yards over expectation secures his spot among the league's elite backs.
Offseason Moves Across the League
Elsewhere in the league, the Philadelphia Eagles made a significant financial commitment to their offensive line, making Landon Dickerson the NFL’s highest-paid offensive guard in March. Additionally, Henry's contract structure with the Ravens, with a two-year, $14 million deal, could have been managed to reduce his cap number for 2024 to $2.595 million through the addition of three dummy years, showcasing the sophisticated cap maneuvering teams often engage in.
Despite the cautious approach and financial constraints, Cowboys owner Jerry Jones remained optimistic about the future. Declaring that Dallas would be "all in" for the 2024 season, Jones signaled the team’s commitment to competing at the highest level, even if the offseason moves were more conservative than some fans might have hoped for.