Dak Prescott contract extension: Cowboys star gives clarity on new deal as rumors swirl around QB's $60,000,000 ask

The 2024 NFL season will be the final year under Dak Prescott’s four-year, $160 million contract he signed in 2021. Therefore, he will be a free agent unless he and the Dallas Cowboys can finalize a contract extension before another campaign starts.

But while speaking with reporters during the March 4 announcement of the 34th Children’s Cancer Fund Gala, the three-time Pro Bowler believes he and the Cowboys will get a deal done. Prescott said:

“I’m definitely confident. … It’s a process and both sides understand that. Everything’s great. …It’ll happen.”

Neither Dak Prescott nor the reporters mentioned his rumored asking price of $60 million annually. Conversely, Dallas Morning News’ Calvin Watkins tweeted that Cowboys owner Jerry Jones doesn’t fear losing Dak Prescott in 2025.

But sticking with the 2023 Second Team All-Pro member at quarterback makes much sense, especially after a season with 410 completions, 4,516 yards, and 36 touchdowns. Likewise, the Cowboys will strive to perform better in 2024 after the disappointing Wild Card Round exit against the Green Bay Packers.

As they retain Prescott for at least one more season, the Cowboys must absorb his $59.4 million cap hit, the second-highest in the league behind Deshaun Watson’s $63.9 million.

It’s also the highest cap count for the 2024 Cowboys, with Zack Martin being a distant second ($28.5 million). The Cowboys are also first regarding salary cap spending for quarterbacks at 26.7 percent.

Prescott’s current contract states the Cowboys cannot nominate him for the franchise tag. Therefore, they must get an extension done before the 2024 season starts, or he could test free agency.

---

Dak Prescott has no idea what Jerry Jones meant about “going all in”

During the January 30 Senior Bowl, the billionaire owner said that the Cowboys will be “going all in” for 2024. Jones elaborated that building for the future can wait, and they’ll channel their efforts for this season.

Prescott said when asked to comment on Jones’ statement:

“I’ve heard that one. I’m excited to see it honestly. I don’t know. I can’t say I’ve had talks with (Jones) about what is all-in and how he plans on making those moves but we’ll see.”

Going all in this season might entail the Cowboys trying to reduce Dak Prescott’s cap count. In doing so, they can eliminate the $10.6 million cap deficit based on the $255.4 million salary cap. Having some financial surplus allows them to sign key free agents and picks from the 2024 NFL Draft.