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Dak Prescott is in the final season of the four-year, $160 million contract extension signed in 2021. Therefore, there are only two ways the Dallas Cowboys can retain his services: designate him with the franchise tag for 2025 or sign him to another long-term deal.
However, as NFL Network national insider Ian Rapoport, the Cowboys are not negotiating a new contract with him this offseason. The development had Quincy Avery, Deshaun Watson’s private quarterback coach, commenting:
“The Cowboys are wild. They are gonna get spanked at the table next year for like 65 mil a year, and it's because they are stupid.”
While the Dallas Cowboys suffered yet another early playoff exit, Dak Prescott’s impressive 2023 season should be the benchmark to earn a contract extension.
He received his third Pro Bowl nod after compiling 410 completions for 4,536 yards and a career-high 36 touchdown passes. Those numbers had him finishing second in the Most Valuable Player voting behind Lamar Jackson.
It’s an impressive turnaround from his 2022 season, where he missed five games due to a broken thumb. As the starter that year, he led the Cowboys to an 8-4 record, tallying 2,860 passing yards and 15 scores.
In the final year of his contract, Prescott will earn a $29 million base salary and will count for $55.4 million against the salary cap.
Exploring a projected Dak Prescott contract extension
The surging quarterback market bodes well for Dak Prescott’s camp. Regarding the annual average value, Joe Burrow has the highest pay at $55 million.
Based on this amount, Spotrac projects Prescott’s contract extension at three years, $180 million or $60 million annually. That enormous sum of money includes $169 million in guaranteed money.
Extending Prescott’s deal allows the Cowboys to push some of his cap hit into succeeding seasons. That approach could expand Dallas’ cap surplus, which is $5.1 million per Over the Cap.
Having an extension in place will reduce his cap count for 2024 from $55.4 million to $41.6 million, and they could reduce his base salary from $29 million to $1.2 million.
In a related article published on Feb. 22, Spotrac’s Michael Ginnitti broke down a hypothetical Prescott extension. From 2025 to 2027, he would have base salaries of $37.7 million, $40 million and $45 million.
Meanwhile, they could pro-rate his $75 million signing bonus to $40.4 million, $26 million and $15 million. These numbers translate to cap hits of $83.2 million in 2025, $71 million in 2026 and $65 million in 2027.
Unfortunately, it’s all wishful thinking because the Cowboys won’t negotiate with Dak Prescott.
