1. New Contract Details
The Dallas Cowboys and quarterback Dak Prescott have finalized a landmark four-year, $240 million extension, making him the highest-paid player in NFL history, as reported by ESPN’s Adam Schefter.
2. Guarantees in the Deal
The contract includes an impressive $231 million in guaranteed money, surpassing Deshaun Watson’s previous record. Notably, Prescott’s deal features a record $80 million signing bonus, emphasizing his leverage during negotiations.
3. Offseason Negotiations
Throughout the offseason, there were concerns about whether the Cowboys could negotiate deals with Prescott, wide receiver CeeDee Lamb, and edge rusher Micah Parsons while maintaining salary cap flexibility.
4. Lamb’s Extension
CeeDee Lamb also secured a lucrative $34 million-per-year extension, ensuring he remains with the Cowboys through 2028. Although he didn’t top the receiver market, Prescott’s contract has set a new financial standard for quarterbacks.
5. Previous Contract Implications
Prescott’s previous contract included no-tag and no-trade clauses, and without an extension, he would have faced a $55 million cap charge in 2024, along with significant dead money implications in 2025.
6. Communication and Timing
Both Prescott and owner Jerry Jones made several public statements leading up to the agreement, emphasizing their mutual desire to continue their partnership beyond 2024, despite Prescott’s hints at exploring the market.
7. Regular Season Negotiations
Jones indicated he was open to continuing negotiations into the regular season, but a last-minute effort from all parties led to a successful agreement just before the start of the season.
8. Team Performance Context
The Cowboys have recorded a 12-5 record in the past three seasons, but have struggled in the playoffs, which adds pressure on head coach Mike McCarthy, who is entering a pivotal year.
9. Prescott’s Leadership Role
As the league leader in touchdown passes during McCarthy’s first year as offensive play-caller, Prescott is expected to replicate that success and help the team make a deeper playoff run.
10. Future Focus on Parsons
With Prescott and Lamb’s contracts resolved, attention now shifts to Micah Parsons, who is poised for a significant payday if he continues to perform well in his fourth season.
11. Legacy and Expectations
This deal cements Prescott’s future with the Cowboys, allowing him to work toward breaking the franchise’s Super Bowl drought in the coming years, which has been a key part of his legacy.
12. Market Dynamics
As Prescott’s contract alters the quarterback market landscape, it will be interesting to see how this affects future negotiations and player contracts across the league.