NFL Rumors: Dak Prescott and Cowboys in talks for $50M+ contract extension

Could quarterback Dak Prescott play more seasons with the Dallas Cowboys? According to an article by The Athletic’s Jeff Howe, that’s a possibility.

Citing a league source, Howe wrote that the Cowboys and Prescott are in early talks for a new deal.

Therefore, there’s a chance he will stay in Dallas beyond 2024, the final season covered by his four-year, $160 million contract. That deal made him the highest-paid quarterback at the time of signing.

While nothing is sure about the contract talks, the Cowboys want to restructure Prescott’s contract. This year, the former Mississippi State standout counts for $26.8 million against the cap. However, that value will jump to $59.4 million in 2024.

The massive increase will hinder the Cowboys’ chances of signing other marquee players. Micah Parsons is eligible for a contract extension and could become the highest-paid defensive player if he maintains his All-Pro production level.

Likewise, CeeDee Lamb could negotiate a deal with an annual average value of at least $25 million. Zack Martin is also holding out by skipping training camp, hoping to get a more lucrative contract. These considerations come into play in structuring a new deal for Dak Prescott.

Keeping these players might be tricky but necessary, especially after building some playoff momentum over the last two seasons. After missing the postseason in 2019 and 2020, they’ve been constant playoff contenders in 2021 and 2022. The Cowboys won a playoff game last year but lost to the San Francisco 49ers in the Divisional round.

Is Dak Prescott seeking a $50 million annual average value?

CAA Sports’ Todd France will negotiate Dak Prescott’s new deal based on the quarterback market’s prevailing conditions. That said, they have the leverage to get a contract near the annual average value of the highest-paid quarterbacks.

The market quickly escalated after Aaron Rodgers signed a three-year, $150 million deal with the Green Bay Packers. Since then, Jalen Hurts agreed to a five-year, $255 million contract with the Philadelphia Eagles.

Not long after, Lamar Jackson signed a five-year, $260 million contract with the Baltimore Ravens after a contentious offseason of negotiations. Last month, Justin Herbert became the highest-paid quarterback via a five-year, $262.5 million deal with the Los Angeles Chargers.

Joe Burrow is under contract negotiations with the Cincinnati Bengals. He has the right to negotiate a higher contract than Herbert, given that he has led the franchise to a Super Bowl appearance.

Considering those contracts, Dak Prescott getting a $50 million average is justifiable. The Cowboys can defer more money towards the latter years to accommodate the extensions of Parsons, Lamb, and Martin.